A $113 US cut in JPMorgan Chase's price target for electric carmaker Tesla added to growing doubts among market players about a plan to take the company private. Slashing its price target for Tesla Inc from $308 to $195 US, the brokerage said it did not believe chief executive officer Elon Musk had funds for a plan announced by a tweet that said "funding secured" two weeks ago. JPM now targets the stock, which it continues to value at underweight, back at $195, versus Friday's close of $305.50. The median price target of the Wall Street analysts covering Tesla is $336. Tesla shares touched a three-month low of $285 in premarket trading Monday before recovering to finish the day higher by almost one per cent $308.44 on Nasdaq.

Source: CBC News August 20, 2018 15:56 UTC