High-flying Tesla stock takes a hit on 1st day in S&P 500
Monday was its first day of being included in the prestigious S&P 500, and it didn't go well. They cite limited markets for high-priced Tesla vehicles, repeated quality problems, huge capital costs for factories, and growing competition from conventional automakers. Ark sees Tesla's shares rising to $1,400 by 2024. โTesla shares are in our view, and by virtually every conventional metric, not only overvalued, but dramatically so,โ J.P. Morgan analyst Ryan Brinkman wrote in a note to investors. Demand for Tesla shares is expected to be strong on Monday as institutional investors buy to make their portfolios mirror the S&P 500.