Why Tesla is 'not a Trump trade': Wells Fargo
Wells Fargo analysts recently emphasized in a note to clients that TSLA should not be considered a"Trump trade" despite some perceptions to the contrary.)'s current and future performance. Firstly, the bank highlights what it sees as Tesla's weak fundamentals, which it says were evident in the second quarter.
"TSLA Q2 had no 'razzle dazzle', leaving investors focused on the weakening fundamentals," Wells Fargo analysts noted. "While TSLA is viewed as benefiting from a Trump win, we see major risks given his negative view on EVs & IRA," Wells Fargo analysts explained. Furthermore, they state that despite some positive developments, such as expected lower-cost 4680 cells by the fourth quarter, the overall outlook remains uncertain.
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