Tesla Shares Downgraded To Sell At CFRA

CFRA on Thursday cut its rating on Tesla Inc. to sell from hold, saying that while they see "a clearer path towards Model 3 production, we still see execution and other risks to the timing of and achievement of targets," analyst Efraim Levy said in a note. "We expect (Tesla) to go to market this year to raise capital," he said. Levy raised his price target on the shares by $35 to $240, reflecting expectations of "rapid sales growth" for the mass-market sedan as the car's launch approaches. Tesla reported mixed fourth-quarter results late Wednesday. Wall Street cheered Model 3 being on track for sales later this year, and braced for a likely capital raise in the near term.