Tesla Shares Lose Charge on Bearish Analyst Note and Price Target Cut

Shares of Tesla Motors (TSLA) fell after the electric car maker was issued a negative note by Bank of America/Merrill Lynch, making it TheStreet's Move of the Day.
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Shares of Tesla Motors (TSLA) fell after the electric car maker was issued a negative note by Bank of America/Merrill Lynch, making it TheStreet's Move of the Day. The firm lowered its price target, saying Tesla has been focusing on long-term targets in order to shift investor focus away from its disappointing earnings. Analysts think this strategy will 'lose its luster.' Bank of America added that the company's production pullback created the illusion of higher demand of its electric cars. The firm has maintained its UNDERPERFORM rating. Also, competition seems to be heating up with both Google (GOOGL) and Apple (AAPL) both reportedly working on their own electric cars. Shares of Tesla finished the day down on almost double its average trading volume. TheStreet's Kurumi Fukushima reports in New York.