Analyst Note| Seth Goldstein, CFA |
On Nov. 15, Tesla shares fell over 4% at the time of writing. In our view, the market reacted to CEO Elon Musk's tweets over the weekend where he suggested he may sell more Tesla shares, following his sale of nearly $7 billion in Tesla stock the previous week. Consistent with our view of last week's share sale, we do not view management's potential decision to sell stock as a reason to change our forecast for Tesla. With our outlook for the company unchanged, we maintain our $680 per share fair value estimate. Our narrow moat rating is also unchanged.