Tesla first-quarter deliveries fell short of estimates and may spell trouble for the stock, the bank said.
Tesla stock has room to fall further after the electric vehicle maker missed first-quarter delivery estimates, according to JPMorgan. The bank reiterated an underweight rating on Elon Musk's company on Wednesday, but slashed its price target to $115 per share from $130. JPMorgan's forecast amounts to more than 34% downside from Tuesday's $175.22 close. Tesla has already plummeted more than 32% in 2024.
mountain Tesla stock. The company said headwinds tied to militia attacks in the Red Sea that damaged supply chains, a difficult ramp up of the updated Model 3 as well as increased competition in China hurt the quarter's deliveries. Unlike a traditional original equipment manufacturer, Tesla reports deliveries rather than sales.
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