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'A lot of guys have guy crushes on Elon Musk': Strategist

Tesla’s terrible, horrible, no good, very bad month continues .

This one-time Wall Street darling has seen its stock price plunge 38% so far this year, and 22% in just the past month. The car maker also just slashed the U.S. base prices of its two most expensive models, the Model S sedan and Model X SUV.

Still, Tesla’s ( TSLA ) stock sells for more than 30 times next year’s earnings estimate of $6.47 a share, according to FactSet.

Suddenly, Tesla bulls are turning bearish.

Wedbush analyst Dan Ives slashed his price target to $230 from $275, saying Tesla faces a “Kilimanjaro-like uphill climb” to hit targets for profitability in the second half of the year.

Morgan Stanley analyst Adam Jones had an even more dire prediction. His worst-case scenario for the stock is $10 , saying “demand is at the heart of [the automaker’s] problem.

Just this month Tesla was able to raise $2.4 billion by selling shares and convertible debt, but it wasn’t enough to reassure investors, especially after CEO Elon Musk said the carmaker would burn through the money in about 10 months.

Tesla CEO Elon Musk jokingly motions to kick before introducing the Model Y at Tesla's design studio Thursday, March 14, 2019, in Hawthorne, Calif.

Self-professed Tesla bear, Erin Gibbs, who is equity chief investment strategist at S&P Global, says things could get even worse for Tesla.

“I think some of the issues around the convertible debt could take the stock to plummet territory,” Gibbs says. “It’s one of those stocks I do not recommend anybody get in.”

Gibbs adds, “A lot of guys have guy crushes on Elon Musk. I don’t know any female investor that has an interest in Tesla.”

There appears to be a gender divide when it comes to Tesla car owners, too.

Women own 29% of Model X vehicles while men own 71%, according to Hedges & Company. Even fewer women own the Tesla Model S. The four-door sedan boasts 23% female ownership compared to 77% for men.

Alexis Christoforous is co-anchor of Yahoo Finance’s “The First Trade.” Follow her on Twitter @AlexisTVNews .

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