A Tesla Bull Bites the Dust
Long-time Tesla bull James Albertine at Consumer Edge slashed his rating to equal-weight from overweight on Tuesday. New price target: $311, down from $385.
Albertine says Tesla is in need of a deep "corporate restructuring." While Albertine shouts out Musk as being a "generational visionary", he acknowledges the sleep-deprived leader is stretched too thin and needs help in the C-suite.
Amid all the Tesla hoopla, others on Wall Street could soon follow suit with their ratings. Of the 32 analysts that cover Tesla, 23 either rate the stock a buy or hold.
In other words, the downgrades could soon pile up.
Retail in Focus
Kohl's (KSS) - Get Report shares dove 5% in the minutes after its better-than-expected second quarter, but have since recovered to being down 2%. Investors would be right to view the quarter favorably: Kohl's beat on Wall Street's same-store sales and gross margin estimates. More broadly, the company out-performed fellow department stores Macy's (M) - Get Report and J.C. Penney (JCP) - Get Report in the quarter from a same-store sales perspective.
Kohl's and Amazon are holdings in Jim Cramer's Action Alerts PLUS.
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