Going into its financial results last week, Tesla’s stock was nearing new all-time highs, but the announcement that the company was considering a new capital raise spooked some investors and it continues today in pre-market after Goldman Sachs released a note to clients.
The firm expects that the Tesla Model 3 will be late and that the automaker will have to go to the market to raise capital by the end of the year. Goldman Sachs’s David Tamberrino, who is relatively new to covering Tesla for the firm, downgraded the stock to a ‘Sell’ rating from Hold and dropped its price target to $185 from $190.
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