https://www.thestreet.com/investing/tesla-trading-at-650-gets-90-price-target-from-jp-morgan?puc=yahoo&cm_ven=YAHOO<snipit>
Tesla Inc. (TSLA) - Shares fell from their record high close of $650 per share Wednesday as analysts from JPMorgan lifted their price target on the clean energy carmaker to just $90.
The assessment from JPMorgan analyst Ryan Brinkman reflects some of the concern on Wall Street for the pace of Tesla's meteoric rise this year, which has added more than 660% to the group's share price and more than half a trillion dollars to the company's market value. Its net income for the third quarter of this year was $337 million.
Brinkman says Tesla shares are "in our view and by virtually every conventional metric not only overvalued, but dramatically so", citing a
stock price that trades at 1,325 times its long-term PE multiple and 291 times its 2020 estimate. Brinkman advised clients not to increase their holdings in Tesla to its approximate 1.44% weight in the S&P 500 benchmark, even as the bank itself suggests that index-tracking funds will sell $57 billion worth of shares in other companies in order to gather up Tesla shares before its December 21 entry.
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I've never made it a secret of my dislike of Musk's boondogle and taxpayer subsidized little project. But I can honestly say, that I have never seen a reputable analyst (like this one at JPM), predict and project an 86% correction in one year. But, who has ever seen the level of speculative insanity that investors have staked in this one equity. And as far as Tesla's future? You really think that Musk is giving much attention outside SpaceX? As they always say..... "Buyer Beware"