6/26, 6:54 PM (Source: TeleTrader)
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Tesla slides 5% after Goldman Sachs' downgrade

Shares of Tesla Inc. tumbled 5% on Monday after its stock rating was once again downgraded from "Buy" to "Neutral" for the fourth time in a week, with the latest one coming from Goldman Sachs analysts team.

"We're downgrading shares to neutral from buy, as we believe the stock now better reflects our positive long-term view of the company’s growth positioning," analyst Mark Delaney said in a note. "...We're also cognizant of the difficult environment for new vehicles that we think will continue to weigh on Tesla's automotive non-GAAP gross margin this year," he added.

The Texas-based carmaker's stock dropped 5.09% to trade at $243.424 per share at 12:50 pm ET.

Baha Breaking News (BBN) / AB