What's Going On With Tesla Stock Today?
TeslaInc TSLA shares are volatileWednesday ahead of the company's fourth-quarter results, which are due after the bell. The stock may be facing selling pressureafter Senator Joe Manchinsaid he would introduce legislation to delay new EV tax credits.
What Happened: Manchin on Wednesday said he plans to present new legislation that would hold uptheimplementation of tax credits for electric vehicles put forth in the Inflation Reduction Act, per The Wall Street Journal.
The report indicates that thebill will directthe Treasury Department to halt theissuance oftax credits for vehicles that dont comply with battery requirements. Manchin has previously expressed concerns over loopholes regarding the $7,500 tax credit.
What Else: Multiple analysts also adjusted price targets on the stock ahead of the EV maker's quarterly results.
- JPMorgan analyst Ryan Brinkman maintainedTeslawith an Underweight rating and loweredthe price target from$125to$120.
- Morgan Stanley analyst Adam Jonas maintainedTeslawith an Overweight rating and loweredthe price target from$250to$220.
Q4 Results Preview: Tesla is set toreport fourth-quarter earnings after the closein what Wedbush analyst Dan Ives on Tuesday referred to asone ofthe most important earnings calls in history.
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