A number of Wall Street analysts are cutting their price targets on Tesla (TSLA) shares after the EV maker reported disappointing first quarter delivery numbers.
Guggenheim analyst Ron Jewsikow said in a note that he is "far more confident in negative catalysts" for Tesla "such as y/y declines in deliveries, structural risks to the China outlook and risks posed by the current political cycle." Jewsikow maintained his Sell rating on the stock but cut his price target to $122 from $132.
Truist analysts cut their price target on Tesla to $176 from $193 while maintaining their Hold rating on the stock. They say the next positive catalyst for the stock would be the unveiling of a next-gen vehicle.
In the video above, Yahoo Finance’s Seana Smith and Brad Smith break down the analyst calls.
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