JP Morgan raises Tesla (TSLA) price target to $90, and recommends against buying the stock

As Tesla (TSLA) shares continue to set all-time highs in recent days, reaching as high as $654.32 this week, JP Morgan has increased its price target for the automaker to just $90.

Along with the increase to the price target, which was previously at $80, JP Morgan analyst Ryan Brinkman said in a note to investors to not increase their holdings of TSLA ahead of its addition to the S&P 500 Index on December 21.

The price target, well below current trading levels, stems from Brinkman’s belief that Tesla is “by virtually every conventional metric not only overvalued but dramatically so.” (via The Street)

According to MarketWatch, Brinkman is not the most bearish TSLA analyst on Wall Street. That distinction goes to Gordon Johnson of GLJ Research, who has a $40 price target for the stock.

Tesla (TSLA) closed at$604.48 on Wednesday, down nearly 7%. The stock continued its downward trend in after-hours trading, dropping another 1.65% by the time of publication.

TSLA shares Dec 9 2020

Legal Disclaimer – Mike holds shares of Tesla, Inc. (TSLA) and has no plans to change any positions within 72 hours.

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