The Entrepreneur Index™ Is Down on Friday (and So Is Tesla's Target Price) Will Tesla's stock price keep falling?
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.
