UPDATE: Tesla (TSLA) PT Lowered to $700 at Cowen, 'Triming Delivery Estimates Given China Woes'

Cowen analyst Jeffrey Osborne lowered the price target on Tesla (NASDAQ: TSLA) to $700.00 (from $790.00) while maintaining a Market Perform rating.

The analyst comments "China Challenges Likely Impact Production by 50-60K: We trim estimates for 2Q22 deliveries to 242,000, down from 309,400. We believe most investors expect extremely challenged working capital and production results from Tesla for 2Q and our conversations with investors suggest buyside expectations are 240-250k deliveries. We note that China is Tesla's most profitable facility, so we see the loss of ~50-60k vehicles also crimping profitability which will be exacerbated by ramp up challenges in Berlin and Austin for the Model Y. Berlin started up production in May, and we assume a few thousand vehicles will be delivered to Germany, Norway and Sweden among other countries for the Performance Model Y vehicle."

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