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Tesla’s ‘deepening’ FBI inquiry will be a hard case for investigators to prove, Wall Street analyst says

A report from the Wall Street Journal on Friday that said Tesla is facing a “deepening criminal investigation” in regards to its public statements about Model 3 production ramp has been met with skepticism on Wall Street.

“We think it will be difficult for prosecutors to prove criminal wrongdoing,” Ben Kallo, an analyst at Baird, said in a note to clients as reported by Bloomberg. Kallo, who has a bullish $411 price target for the stock, added that “investigators would need to find evidence TSLA made projections it knew would be impossible to achieve, which we believe is a high bar to meet.”

Kallo also added that the article “largely recycled previously reported information,” and that it finds “certain
aspects of the article suspect.”

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