The Entrepreneur Index™ Is Down on Friday (and So Is Tesla's Target Price) Will Tesla's stock price keep falling?
By Matthew McCreary •
2019 has not been kind to Tesla's bottom line. On December 31, 2018, the electric car stock closed at $332.80 per share. On Friday, the company closed at $264.53 -- a 25.8 percent drop in just three and a half months. Things just keep getting worse, and today was no exception. Wall Street research firm Cowen lowered its price target from $200 to $180 on Friday due to data that seemed to point at the idea that Tesla's quarterly deliveries will fall below expectations.
Analyst Jeff Osborne lowered his forecast for Model 3 deliveries by 13.6 percent (from 55,000 to 47,500. and his forecast for Model S and Model X deliveries by 14.0 percent (from 21,500 to 18,000., based on data from government and third-party sources.
The Entrepreneur Index™ was down 2.12 percent on the day, and only eight stocks out of 60 posted gains. Those stocks were:
- Brown-Forman Corp (0.74 percent)
- Tyson Foods (0.14 percent)
- Dollar Tree Inc. (0.02 percent)
- D.R. Horton Inc. (0.96 percent)
- Essex Property Trust (0.42 percent)
- J.M. Smucker Company (2.43 percent)
- Chipotle Mexican Grill (0.15 percent)
- Twitter (1.26 percent)
Some of the biggest losers on the day included Netflix (-4.46 percent) and Cintas Corp. (-6.52 percent).
The Entrepreneur Index™ collects the top 60 publicly traded companies founded and run by entrepreneurs. The entrepreneurial spirit is a valuable asset for any business, and this index recognizes its importance, no matter how much a company has grown. These inspirational businesses can be tracked in real time on ;Entrepreneur.com.
