10 Stocks Defy Monday’s Market Optimism

4. Tesla Inc. (NASDAQ:TSLA)

Shares of Tesla dropped by 4.79 percent on Monday to finish at $238.01 apiece following a downgraded stock rating from an investment firm.

In a note to its clients on Sunday, Mizuho analyst Vijay Rakesh said he lowered his price target for TSLA to $430 from $515 previously, as he expects a lower vehicle delivery forecast of 1.8 million from 2.3 million as expected prior.

Rakesh chalked up TSLA’s sales woes to weakening brand perception in the US and the European Union, as well as a “deterioration in geopolitics”, a cut-throat competition in China from domestic EV firms.

Meanwhile, TSLA was said to have partnered with Chinese firm Baidu to recalibrate its China strategy.

In addition, TSLA is also offering a free trial of Full Service-Driving autonomous software in China from March 17 to April 16.

TSLA has been struggling with self-driving issues in data collection in China amid the Chinese government’s data privacy laws which prevent the company from sending data collected to its servers in the US.