Tesla downgraded at Goldman Sachs
Goldman Sachs downgraded Tesla (NASDAQ:TSLA) to Neutral from Buy with a price target of $248.00 (from $185.00) following a massive rally (up 108% YTD) in the EV maker’s stock. Shares fell nearly 2% premarket today.

According to the firm, its view that Tesla is well positioned for long-term growth, given its leading position in the EV and clean energy markets, is now better reflected in the stock. While the rating change was mostly driven by valuation, the bank also noted a difficult pricing environment for new vehicles, which it believes will hurt Tesla’s non-GAAP gross margin in 2023.

This represents the fourth downgrade this month for Tesla.

UBS downgraded Alphabet, sees better risk-reward in Meta and Amazon
UBS downgraded Alphabet (NASDAQ:GOOGL) to Neutral from Buy with a price target of $132.00 (from $123.00).

The firm’s decision to move to the sidelines is based on several factors. These include limited upside potential to the current high-single-digit Sites growth estimates, medium-term revenue risk, the possibility of operating income margin expansion being offset by GenAI investments, and the perception of better risk-reward opportunities in other stocks, specifically Meta Platforms (NASDAQ: META) and Amazon (NASDAQ: NASDAQ:AMZN).

2 more downgrades
Celanese (NYSE:CE) shares fell more than 2% premarket today after BMO Capital downgraded the company to Market Perform from Outperform and cut its price target to $119.00 from $133.00 as end market weakness is likely to persist.

Viatris (NASDAQ:VTRS) shares fell nearly 3% on Friday after Barclays downgraded the company to Underweight from Equalweight with a price target of $11.00.

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