Shares of Tesla Inc. TSLA, +3.24% tumbled 5.3% in premarket trade Monday, extended last week's plunge of 11.7%, as worries over the effect of a Model X accident, a recall of about 123,000 Model S vehicles and concerns the electric car maker's cash position continue to weigh on the shares. The stock has declined for five-straight weeks, and has plunged 31% since its Sept. 18, 2017 record close of $385. Baird analyst Ben Kallo reiterated the bullish outperform rating he's had on Tesla since March 2016, saying volatility in the shares has created buying opportunities for longer-term investors in the past. "While it seems a perfect storm is weighing on the shares, we are buyers into pressure as Model 3 production ramps," Kallo wrote in a note to clients. "We like the set-up headed into Q1 deliveries as we believe sentiment is overly negative, and think [Tesla] may be able to exceed lower expectations." The stock has lost 4.4% over the past 12 months through Thursday, while shares of rival carmaker General Motors Co. GM, +2.45% have gained 2.8% and the S&P 500 SPX, +1.38% has climbed 11.8%.
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