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The biggest question for Tesla is whether the company can make steady profits on its cars (TSLA)

The biggest question for Tesla is whether the company can make steady profits on its cars (TSLA)
Hollis Johnson/Business Insider



A Tesla "demand crisis" has developed on Wall Street.




Analysts are worried that Tesla demand is fading — but they're mistaking demand for demand growth.




Tesla's growth already has it in a commanding position in the US luxury market — the company completely dominates the highly profitable luxury EV space.




In the short term, analysts reckoning with their overly bullish demand prediction could contribute to negative sentiment about Tesla's stock.




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Reliable Tesla bull Adam Jonas, head auto analyst at Morgan Stanley, trimmed his price target for the company to $240 from $260 on Monday, with the equivalent of a "hold" rating on the stock.
Jonas' new call is moderately bearish and predicated on what he and seemingly everyone else on Wall Street perceives as slackening Tesla demand. Jonas also predicts that Tesla will sell $2.5 billion in new shares this year to cushion a cash reserve that he pegs at less than $2 billion.
In the past, Tesla has raised capital at around the $250-per-share level, so for Jonas, the clock has started to tick in 2019.
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