Top Banker For Fossil Fuel Companies Has Low Price Target On Tesla [TSLA]
Credit to Author: Zachary Shahan| Date: Wed, 16 Oct 2019 02:30:13 +0000
Published on October 15th, 2019 | by Zachary Shahan
October 15th, 2019 by Zachary Shahan
According to a report in The Guardian, the top banker for fossil fuel companies is JPMorgan Chase. In fact, in the past few years it has provided $22.8 billion more in financing than #2 Citi for large-scale oil, gas, and coal companies — $75.6 billion versus $53.8 billion.
That’s a lot of cash expecting some money back from oil, gas, and coal development. For some perspective, Tesla’s market cap is currently at $46.2 billion.
JPMorgan, incidentally, is also a major Wall Street bear on Tesla [TSLA]. Now, I’m not saying there’s a direct link between the financing arm of JPMorgan and the investment analyst arm. I don’t assume without real evidence that they are in cahoots. However, as one Tesla fan noted, JP Morgan’s Tesla analyst, Ryan Brinkman, does have a very low price target in place for Tesla and an “underweight” rating.
JPMorgan Chase price targets for Tesla [TSLA] are represented by the bold yellow line. Graph by Chanan Bos, CleanTechnica.
More than anything, I’m curious about the corporate culture at JPMorgan and how the analyst arm relates to the rest of the business. I don’t want to make judgements based on unfounded assumptions, but I find it interesting that the #1 fossil banker is also one of the most pessimistic firms when it comes to Tesla. Also, while I have been known to be naive from time to time, my understanding is that Wall Street is not overflowing with boy scouts. To the contrary, there’s a lot of legal and illegal shady business underway in the financial capital of the world. Is it possible JPMorgan analysts know that JPMorgan is very pro-fossil fuels and that it’s not wise to have a bullish stance on cleantech companies at the firm? Maybe. Maybe not.
What is clear, however, is that JPMorgan Chase in more ways than one is bullish on dirty energy, not clean energy and electric cars. Perhaps give it some consideration when thinking about where to bank (really) and which credit cards to use.
Follow CleanTechnica on Google News.
It will make you happy & help you live in peace for the rest of your life.
Zachary Shahan Zach is tryin’ to help society help itself one word at a time. He spends most of his time here on CleanTechnica as its director and chief editor. He’s also the CEO of Important Media. Zach is recognized globally as an electric vehicle, solar energy, and energy storage expert. He has presented about cleantech at conferences in India, the UAE, Ukraine, Poland, Germany, the Netherlands, the USA, Canada, and Curaçao. Zach has long-term investments in Tesla [TSLA] — after years of covering solar and EVs, he simply has a lot of faith in this company and feels like it is a good cleantech company to invest in. But he offers no investment advice and does not recommend investing in Tesla or any other company.