Published on November 12th, 2019 | by Zachary Shahan0
3 Banks Funding Fossil Fuels The Most Keep Telling You To Sell Tesla Stock [TSLA]
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%.
Analysts at the top 3 banks funding fossil fuel development all have sell ratings on $TSLA
1. JP Morgan Chase
3. B of A/Merrill Lynch
— 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.)
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