Bernstein analyst Toni Sacconaghi maintained Tesla Inc (NASDAQ:TSLA) with an Underperform rating and lowered the price target from $150 to $120.
The analyst said that sentiment towards Tesla has become increasingly bearish, leading to a revision of production and delivery estimates ahead of the April 2 announcement.
Notably, weakened demand in Europe and China and decelerated EV adoption in these regions and the U.S. have contributed to these adjustments.
Additionally, production delays for the Highland Model 3 in Fremont have prompted a decrease in volume forecasts from 490k to 426k for the first quarter and from 2.12 million to 1.98 million for the year, below consensus expectations.
Also Read: Tesla Boosts Salaries for Production Associates, Amid UAW Efforts and Previous Labor Violations
Consequently, the GAAP EPS estimate has been lowered from $2.31 to $2.06, contrasting with a consensus of $2.62. For fiscal 2025, estimates predict 2.18 million units and an EPS of $2.22 versus ...
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