This morning, Lazard Capital Markets downgraded shares of Tesla Motors (NASDAQ:TSLA) from buy to neutral as the current stock price assumes flawless execution by the electric car company. In the report, Lazard noted that a number of things have to go well to justify the current stock price and noted that they believe shares should trade closer to $100. On the news, shares of Tesla were lower by 3.4%.
Needham lowered its price target on shares of Apple (NASDAQ:AAPL) to $595 noting that competition is increasing in the smartphone space which could limit upside. Shares of Apple were higher today, despite the report, climbing 2.5% today.
And Leerink Swann downgraded shares of Onyx Pharmaceuticals (ONXX) from outperform to market perform citing valuation. The stock is approaching the firm's $140 price target, leaving less upside for investors. Shares of Onyx were lower today, falling 0.9%.
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