TSLA is trading 3.2% down at $391.99 following a price target reduction from Jefferies and growing concerns regarding the stock's role as a proxy for SpaceX.
- Jefferies lowered its price target to $375, warning that speculation over a potential SpaceX tie-up could overshadow Tesla’s core operating performance.
- Analysts highlighted the risk of the stock becoming a vehicle for private SpaceX exposure, which may distract investors from fundamental automotive and energy metrics.
- Broader macro pressure is also contributing to the decline as index futures trade lower across the board.