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The Ratings Game: Tesla’s earnings were a ‘debacle,’ says longtime bull in scorching commentary

Tesla Inc.’s first-quarter earnings and accompanying call with analysts was “one of (the) top debacles we have ever seen,” according to one longtime Tesla bull, who said Thursday he was dropping his buy rating on the stock.

Daniel Ives of Wedbush cut his rating on Tesla TSLA, -3.71% to neutral from outperform, the equivalent of buy, in a scorching note that reflected equal amounts of frustration and despair.

“In our 20 years of covering tech stocks on the Street we view this quarter as one of top debacles we have ever seen while Musk & Co. in an episode out of the Twilight Zone act as if demand and profitability will magically return to the Tesla story,” Ives wrote in a note to investors.

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