Tesla: Goldman Sachs raises to 'buy'; short-seller Chanos trims exposure

Electrameccanica Vehicles

03/12/2020 15:54

(Updates)
    ** Shares of the electric-car maker  TSLA.O  up 3.5% at
$588.76
    ** Goldman Sachs raises rating on TSLA to "buy" from
"neutral" and raises PT to $780 from $455, saying it sees an
acceleration in adoption of electric vehicles 
    ** "If Tesla sustains its mid to high 20% range share of the
EV market, then it could reach 15 mln units by 2040," says
Goldman Sachs
    ** Brokerage expects EVs to make up 18% of global auto sales
in 2030 and 29% in 2035 
    ** Canadian EV firm ElectraMeccanica Vehicles Corp  SOLO.O 
up ~3%, startup Lordstown Motors Corp  RIDE.O  up ~5% and Fisker
Inc  FSR.N  up ~3.5%
    ** Jim Chanos, who has been short on TSLA for years, says he
has reduced the size of the trade, but is not done with it yet -
Bloomberg News (https://bloom.bg/2VuaESO)
    ** Chanos told Bloomberg he has never met or had a
conversation with Elon Musk, but if they were to meet, he would
say "job well done so far"
    ** Tesla, which two years ago was the most shorted co in the
United States, has since given a tough run for short sellers
with a meteoric rise in share price
    ** The S&P Dow Jones Indices  .SPX  said on Monday TSLA will
join the benchmark S&P 500 index in one shot before markets open
on Dec 21  urn:newsml:reuters.com:*:nL4N2IG4SA
    ** Current avg rating on stock is "hold" - Refinitiv data
    ** Up to Wednesday's close, stock had risen nearly sevenfold
so far this year

 (Reporting by Subrat Patnaik and Chavi Mehta in Bengaluru)
 ((subrat.patnaik@tr.com; Twitter: @Subrat_Patnaik;))