The year just keeps getting worse for Tesla. Down more than 30 per cent, it’s in a neck-and-neck race with troubled airline maker Boeing for the unwanted title of the S&P 500′s worst-performing stock in 2024.
Tesla’s woes are piling up. It has slashed prices due to slowing demand amid increased competition. In January it warned growth would be “notably lower”. And earlier this month, a suspected arson attack caused a temporary shutdown of Tesla’s European gigafactory near Berlin. Tesla is now a “growth company with no growth”, says Wells Fargo, which expects flat sales volumes in 2024 and a decline in 2025.
Contrarian investors might nibble if the bad news were completely priced in, but Tesla isn’t cheap. Although it is the only of the magnificent seven stocks where earnings are expected to decline this year, it is the most expensive of the group, trading on 56 times trailing earnings.
Source: News Formal (newsformal.com)
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