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Tesla faces further downturn with another downgrade

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Tesla, the pioneering electric vehicle manufacturer, is experiencing a turbulent period as it faces yet another downgrade from a prominent Wall Street analyst.

Mr. Langan, an analyst, downgraded Tesla to underweight and slashed its price target to $US125 from $US200, citing concerns about declining EV sales volumes despite price cuts.

The downgrade underscores a growing sentiment among investors that Tesla’s near-term prospects may not be as promising as once believed.

Gary Black, managing partner at The Future Fund, said, “When a Wall Street analyst downgrades a growth stock to a sell, it’s more often than not a reflection that near-term expectations (volumes, revenues, earnings) are too high, rather than a longer-term view that valuation is too rich.”

Tesla boss Elon Musk.

Even long-time Tesla supporters are adjusting their positions. The Future Fund recently reduced its Tesla holdings and revised its price target downwards to $US250 from $US290.

Mr. Black admitted, “We’ve been wrong on Tesla for three years now. It’s been our worst-performing stock.”

Temporary shutdown

While Mr. Black acknowledges potential catalysts for Tesla, such as production resumption at its Berlin assembly plant following a temporary shutdown due to a suspected arson attack, he remains critical of the company’s efforts to persuade US consumers to adopt EVs.

READ MORE: Elon Musk cancels Don Lemon’s show on X right after interview

However, not all analysts share the pessimism. Dan Ives of Wedbush Securities believes that the negative sentiment surrounding Tesla is exaggerated.

He maintains an outperform recommendation and a $US315 price target, emphasizing that recent EV price wars in China are easing, which could benefit Tesla and the wider EV industry.

Furthermore, Gene Munster of Deepwater Asset Management views Apple’s decision to abandon its EV development plans as a positive development for Tesla.

Despite these varying perspectives, Tesla finds itself at a crossroads, grappling with challenges ranging from fluctuating sales to scrutiny over its market positioning.

Ahron Young is an award winning journalist who has covered major news events around the world. Ahron is the Managing Editor and Founder of TICKER NEWS.

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Tech Council calls for bold tech investment to boost Australia’s productivity

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The Tech Council of Australia (TCA) has issued a call for an ambitious national tech investment target to address Australia’s lagging productivity growth.

The TCA’s latest report, *From Research to Reality: Scaling Tech Investment in Australia*, released today at their National Summit, argues that increasing tech investment could unlock substantial productivity gains and improve economic resilience.

According to the report, raising Australia’s tech investment to 4.6% of GDP could yield an additional $38 billion in GDP by 2035.

Reaching a 6.9% investment level could generate a remarkable $167 billion in productivity growth. This investment includes research and development (R&D) and broader technology adoption, essential to countering Australia’s declining productivity.

TCA CEO Damian Kassabgi explained the urgency of setting a tech investment target for 2035, calling on both government and industry to commit to a shared goal.

“Australians enjoy some of the highest living standards in the world. To ensure we can keep growing, we need to see an uplift in productivity growth,” he said.

“Australia’s productivity growth has been declining for some time, which is one of our most pressing economic challenges. Achieving the level of growth we need to turn this around and see our economy thrive requires greater tech development and adoption.”

“Tech investment enables companies to commercialise their research and create new business models, making our economy more productive and resilient. There are also practical benefits to increased tech adoption, which can accelerate the growth of both small and large businesses.”

Need to tech industry

“The results of this report show how vital tech investment is to our economy and the need for the tech industry, the wider business community and government to work together to create an environment that supports tech innovation and adoption,” said Laura Malcolm, Managing Director for Datacom Australia, a key sponsor of the report.

“The work we’re doing with our customers in the areas of AI, cloud and digital engineering clearly highlights how the smart use of technology can transform operations and performance, so it is critical that tech investment in Australia keeps pace with our global competitors. We’re also very supportive of the report’s recommendations around education focused on technology adoption and managing technology risk.”

With tech investment currently at 3.9% of GDP and projected to fall further, the TCA recommends five key policy changes, including refining tech policies and boosting R&D investment from global firms.

The TCA will work with stakeholders to finalise a concrete target, reinforcing its mission to grow Australia’s tech sector and drive economic progress.

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Amazon’s smart glasses aim to revolutionise deliveries

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Despite these obstacles, Amazon is determined to continue developing the glasses, with future versions planned for release by 2026.

 

 

 

Amazon is working on a cutting-edge innovation for its delivery drivers: smart eyeglasses. These high-tech glasses could help drivers navigate buildings more efficiently, saving valuable seconds on each delivery. The glasses are expected to feature turn-by-turn directions displayed on a small screen within the lenses, guiding drivers through the tricky “last 100 yards” to customers’ doors.

 

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Organisations grapple with tech policy ownership shifts between HR and IT

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How collaborative policy drafting can bridge the gap between HR and IT.

The Tech Edge is a captivating business IT talk show delving into the latest industry trends and their significance in today’s landscape.

Hosted by Director of Information Management of AvePointAlyssa Blackburn.

In this episode, Alyssa is joined by policy drafting expert, Lewis Eisen.  #tech edge

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