Tesla's Stock Extends Selloff, But Analyst Reiterates Buy Rating

Shares of Tesla Inc. fell 4% in recent trade, extending losses from Wednesday, amid increased concerns regarding competition in the luxury electric vehicle market. On Wednesday, Audi unveiled plans for an all-electric sports utility concept vehicle, the e-tron quattro, which it hopes will one day compete with Tesla's Model X all-electric SUV. However, Stifel analyst James Albertine reiterated a buy rating on Tesla Thursday morning, saying he views Tesla's competitors, including Audi, as "missing the mark" and "years behind." Audi expects production to begin in 2018, which Albertine views as too late. "The Model X will have another three years to further distinguish itself among its luxury peers," he said. Tesla's shares recently traded down around $245, following a broader market sell-off that shaved more than 250 points off the Dow Jones Industrial Average in afternoon trade. The stock is flat on the last three months, outperforming the broader S&P 500, down 3.7%.