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Tesla stock down after Piper Sandler slashes price target

Yahoo Finance's Brian Sozzi discusses Piper Sandler's rating of Tesla stock.

Video transcript

[MUSIC PLAYING]

BRIAN SOZZI: All right, and before we head to break, let's look at Tesla. Piper Sandler Analyst Alexander Potts slashed his price target estimates on Tesla owing to COVID-related weakness in the key market of China.

The analyst still sees Tesla as an overweight or a buy equivalent, but now sees fair value to $1,035 a share compared to about $1,260 previously. Potts added, he still views Tesla as a quote, "cornerstone holding in an advanced mobility portfolio."

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