Tesla stock 'gets boring' as the market drills into the EV's company metrics and treats it more like a traditional automaker, investment research firm says
Tesla stock "gets boring," Bespoke Investment Group said after the EV maker's update.
Wall Street's expectations for Tesla look more like those for a traditional carmaker and less like a disruptor, it said.
Bespoke spotted the highest correlation between Tesla stock and other automakers since 2016.
"Tesla Gets Boring."
That was the determination of Bespoke Investment Group on Thursday as Wall Street analysts drilled down on the mechanics of Tesla's $10 trillion plan to foster global sustainability while ramping up sales of electric vehicles.
Tesla stock fell as much as 8% to a one-month low on Thursday as investors appeared to be let down by a lack of details from CEO Elon Musk about new EV models.
Instead, the company's "Master Plan Part 3" presentation on Wednesday revealed a factory is coming to Mexico and that Tesla is working on halving production costs to sell 20 million electric vehicles a year by 2030.
"With investors and analyst coverage focused on more concrete metrics and timelines, expectations for TSLA are being pushed to behave more like a traditional [original equipment manufacturer] and less like a disruptor," Bespoke wrote.