Truist Securitiesanalyst William Stein reiteratedTesla Inc(NASDAQ:TSLA) with a Hold and lowered the price target from $193 to $176.
On April 2, Tesla reported first-quarter 2024 deliveries 15.4% below FactSet consensus, citing various factors.
This, combined with Stein's proprietary ASP analysis, led him to reduce his annual unit delivery, revenue, & EPS estimates for calendar year 2024 & calendar year 2025.
Longer-term, he noted Tesla as a significant supplier of AI tech. Unfortunately, pricing & demand dynamics diminish the value of the automotive business and AI updates continue to disappoint.
Also Read:Tesla Plans Site Scouting In India For New EV Plant: Report
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