A Tesla Motors upgrade from Goldman Sachs looks like a case of bad timing. The bank's analysts upgraded the carmaker on May 18, just hours before their banking cohorts took a role in a $1.7 billion stock sale expected to launch in the next day or two. It smells fishy, especially as the note gave a timely boost to Tesla's stock price. But there's plenty to suggest otherwise.
Tesla boss Elon Musk basically told an earnings call earlier this month he would be hitting up investors for cash. The only question was how much. That is, in part, what Goldman's autos researchers were assessing in their note. They plumped for $1 billion.