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Tesla: Jefferies no longer on 'buy'

( - Jefferies announced on Wednesday that is has downgraded its recommendation on Tesla, from 'buy' to 'hold', with a target price reduced from 230 to 185 dollars.

In a research note, the analyst justifies this downgrade by highlighting the electric vehicle manufacturer's strategy of favouring growth over margins.

With the Californian group's management team clearly indicating its willingness to accept smaller profit margins, the broker explains that it has reduced its operating result (EBIT) forecast for 2023 by 32%.

Its annual revenue target is down 7% to 96.6 billion dollars.

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