JP Morgan slashed its stock price target to $195 from $308
Analysts led by Ryan Brinkman had boosted their price target after that infamous tweet, which said Musk was considering taking the company private at $420,
“Our interpretation of subsequent events leads us to believe that funding was not secured for a going private transaction, nor was there any formal proposal,” .
… “is potentially far from even being formally proposed, which is different from our understanding on August 8 which was based on Mr. Musk’s statement on Twitter that, only reason why this is not certain is that it’s contingent on a shareholder vote,”
Brinkman conceded that Tesla does seem to exploring a going-private transaction, “but we now believe that such a process appears much less developed than we had earlier presumed (more along the lines of high level intention), suggesting formal incorporation into our valuation analysis seems premature at this time.”