Tesla Inc Chief Executive Officer Elon Musk defended the snub of two Wall Street analysts on a conference call, proclaiming in a tweet on Friday that they "were trying to justify their Tesla short thesis."
"The 'dry' questions were not asked by investors, but rather by two sell-side analysts who were trying to justify their Tesla short thesis. They are actually on the *opposite* side of investors," Musk tweeted. (bit.ly/2jrfYDr)
But the analysts Musk cut off, RBC Capital Markets’ Joseph Spak and Bernstein’s Toni Sacconaghi, have a “hold” or equivalent rating on the stock. Both have a three-star rating out of five stars for accuracy on their coverage of the company, according to Thomson Reuters data.
Sacconaghi has a price target of $265 on Tesla stock and Spak lowered his target to $280 from $305 on Thursday. Tesla’s median Wall Street price target is $317. The stock was trading at $284 before the opening bell on Friday.