2024-04-03 10:20:11 ET
Following a disastrous first-quarter deliveries report, electric vehicle specialist Tesla (NASDAQ: TSLA) is being kicked while it's down by analysts. Analysts at HSBC took the opportunity to cut its price target on Tesla stock from $143 to $138 while maintaining a reduce rating.
That new price target implies a downside of nearly 17% from the current stock price.
Tesla delivered 386,810 vehicles in the first quarter, down about 8.5% year over year. There were some unusual circumstances, including shipping diversions caused by conflicts in or near the Red Sea and an arson attack at the company's factory in Berlin. However, it's becoming clear that Tesla is not immune to a sluggish demand environment for electric vehicles .
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Tesla Stock Has 17% Downside, According to 1 Wall Street Analyst