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Wednesday, March 25, 2015 6:46:43 AM
CLSA analyst Andrew Fung downgraded Tesla to Underperform from Outperform and cut his price target on shares to $220 from $275. Fung says near-term earnings risk from lower initial Model X margins could limit the stock's upside potential in 2015. The analyst continues to like Tesla longer term, however, and adds that CLSA's analysis indicates the electric carmaker's deliveries and inventory in China are not as bad as media reports suggest. Shares of Tesla closed yesterday up $2.09 to $201.72. CLSA's lowest rating is Sell, so the downgrade to Underperform from Outperform is one notch and does not represent a sell call by the firm
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