JPMorgan's research report indicates that Tesla's delivery volume last quarter fell short of market expectations, reflecting greater risks to its earnings per share forecast for 2024. Over the past year, the earnings per share estimate has dropped from $3.85 to $2.43, a decline of 36%. The report also states that the company's shares have fallen 21% from their all-time high, with the earnings forecast for 2024 down 67% from the peak, and the earnings forecasts for 2025 to 2030 have decreased by 63%, 59%, 61%, 62%, 54%, and 47% respectively. JPMorgan maintains its 'Shareholding' rating for Tesla and a Target Price of $135. The firm noted that with the overall market share in the USA declining, along with a drop in electric vehicle market share in nearly all regions, Tesla seems unable to dominate the Global Automobiles - Semiconductor Industry during its electrification transformation. The firm believes this is just a starting point for the current valuation.