Sentiment on Tesla (TSLA) shares has turned negative amid consumer backlash on Chief Executive Elon Musk's "political activities," and the next leg of the Tesla trade will depend on the company's ability to replace a portion of its consumer base, Oppenheimer said in a Tuesday note.
The analysts also said the automaker will have to show progress on key autonomy and artificial intelligence initiatives.
Tesla's used car prices have declined more sharply than competitors and despite a slight increase in the last 30 days, prices remain soft overall, the analysts said.
The upcoming Model Y refresh and an entry-level variant targeting China will test the strength of Tesla's brand and product demand, Oppenheimer analysts added. Limited demand for the updated Model Y would be a negative signal for the company's stock.
The firm said that Tesla's full self-driving software has improved, with the latest version showing 233 miles between critical failures in city driving, up from 104 miles in the previous version. However, performance remains weak in poor weather and lags behind competitors.
Oppenheimer has a perform rating on the stock.
Shares were down 6% in recent trading.
免责声明：投资有风险，本文并非投资建议，以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请，作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考，不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证，投资者应自行研究并在投资前寻求专业建议。