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Tesla Delivery Decline, Ford Loss Forecast on Virus Fallout
- RBC’s Spak cuts price targets for all 22 companies he covers
- Analyst sees GM burning through $3.5 billion cash this year
Photographer: David Paul Morris/Bloomberg
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Tesla Inc.’s 2020 deliveries will drop, Ford Motor Co. will post its first annual loss since 2009 and General Motors Co. will burn through about $3.5 billion this year, according to an analyst seeing vehicle demand virtually stopping due to the coronavirus.
Joe Spak, an analyst at RBC Capital Markets, slashed price targets for all 22 of the companies he covers and downgraded four of them in reports Monday that assess the impact of Covid-19. He described the cuts to his projections as “drastic, but reasonably plausible” and said his team actually worries they aren’t extreme enough.