The Wall Street firm dramatically slashed its price target on Elon Musk's car company on Monday, causing Tesla shares to briefly tumble. JPMorgan set its previous price target of $308 on August 8 based on Musk's optimism about a go-private deal. In a blog post last week, Musk wrote that "it was just a matter of getting the process moving" with the Saudis. Those comments suggest that while a deal is "clearly possible," the process is "much less developed than we had earlier presumed," JPMorgan wrote. Tesla's expansion into high-volume segments "seems fraught with greater risk," JPMorgan wrote.

Source: CNN August 20, 2018 14:48 UTC