3 Banks Funding Fossil Fuels The Most Keep Telling You To Sell Tesla Stock [TSLA]
Credit to Author: Zachary Shahan| Date: Tue, 12 Nov 2019 09:10:28 +0000
Published on November 12th, 2019 | by Zachary Shahan
November 12th, 2019 by Zachary Shahan
A few weeks ago, thanks to a friendly Tesla fan on Twitter, The Guardian, and Rainforest Action Network, I shared the news that the top 3 banks funding fossil fuel development also — through a different arm — are providing bearish forecasts for Tesla [TSLA] and recommending traders sell the stock rather than buy it. The update this week: despite a surprise profit in quarter 3 and much of the market swinging in the other direction, the Tesla analysts at these top 3 fossil fuel funders are holding steady on their bearish stance and recommendation to sell. [Full disclosure: I’m long Tesla.]
I don’t think there’s much more to say about that right now. As I’ve said before, there’s no indication that there are illegal or immoral doors and windows between the arms of these giant financing companies that are 1) financing fossil fuel development to such an enormous tune and 2) telling you to sell Tesla stock.
Nonetheless, I’m curious if there are certain facets of company culture that are so pessimistic and dirty, if there happen to be some hidden corruption at these banks (gasp), and how it is that some people can willingly choose short-term money over the long-term health and livability of planet Earth. Is humanity so bad at long-term thinking and action?
Also, note that the Tesla analysts for these top financial firms all show losses on their recommendations for Tesla stock. Recommendations from JP Morgan’s Ryan Brinkman have a -14.6% return, Citigroup’s Itay Michaeli is worse at -19%, and John Murphy of Merrill Lynch is a tad better at -12.7%.
Tesla Buy/Sell Graph for Ryan Brinkman of JP Morgan, via Tip Ranks
Tesla Buy/Sell Graph for Itay Michaeli of Citigroup, via Tip Ranks
Tesla Buy/Sell Graph for John Murphy of Merrill Lynch, via Tip Ranks
Analysts at the top 3 banks funding fossil fuel development all have sell ratings on $TSLA
1. JP Morgan Chase
2. Citi
3. B of A/Merrill Lynch
Coincidence?#followthemoney#Tesla @mayemusk @zshahan3 @ResidentSponge https://t.co/KWdjmI4RpK pic.twitter.com/MJ1RpmNGpf
— Not_an_Analyst (@facts_tesla) October 17, 2019
Any other thoughts on this topic? All just bad luck at these three banks? Or is there a corporate culture matter at play? Or are you ready to jump to conclusions and say that there’s more than simple correlation here? (My pick is #2, but I’m open to other arguments.)
Follow CleanTechnica on Google News.
It will make you happy & help you live in peace for the rest of your life.
Zachary Shahan 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.