Tesla and Apple Bull Slashes His Price Targets for Both Companies in Tariff Fallout
One of Wall Street's biggest fans of Tesla Inc. and Apple Inc. slashed his price targets for both stocks Sunday in the wake of recent developments.Wedbush Securities analyst Dan Ives cut his price target for Tesla stock by 43%, from $550 to $315, due to tariffs and Chief Executive Elon Musk's controversial cost-cutting role with the Trump administration.Tesla deliveries plunged in the first quarter, and last weekend saw massive demonstrations at Tesla showrooms protesting Musk's actions. Tesla shares dropped about 15% on Thursday and Friday combined, and have fallen more than 40% since the start of the year."This situation is not sustainable and the brand of Tesla is suffering by the day as a political symbol," Ives wrote. "Our longstanding bull view of Tesla remains, but there is no denying this is a pivotal moment of truth for Musk to turn things around... or darker days are ahead."