US equity futures point moderately higher, Tesla gets a 'sell' rating

<p>S&amp;P 500 futures are up 0.3% ahead of the open while Nasdaq futures are up only fractionally. The Nasdaq is on a nine-day winning streak, which is the longest in two years.</p><p>What won't help is a 1% decline in Tesla shares in the premarket. HSBC initiated coverage on Tesla today with a 'reduce' rating and a target of $146 (from $220 currently).</p><p>The company said Tesla is working on some good ideas and initiatives but has consistently struggled with timing and commercialization.</p><p>"We see considerable potential in Tesla's prospects and ideas, but we think the timeline is likely to be longer than the market and valuation is reflecting," wrote HSBC analyst Michael Tyndall. </p><p>He also highlighted risks around Elon Musk as a source of free marketing but also a wild card.</p>

This article was written by Adam Button at www.forexlive.com.