Tesla (TSLA) maintained Bearish Fresh Pick at Baird, target cut on deliveries miss

April 3, 2024 6:37 AM EDT
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(Updated - April 3, 2024 6:54 AM EDT)

Baird analyst Ben Kallo lowered the price target on Tesla (NASDAQ: TSLA) to $280.00 (from $300.00) while maintaining a Outperform rating and keeping the stock on Bearish Fresh Pick list.

The analyst commented: 'Maintaining Bearish Fresh Pick following Q1 deliveries. TSLA reported Q1 deliveries below our/street estimates which were lowered throughout the quarter. Several one-timers impacted Q1 production, however, we speculate that bears will use the lower deliveries as fuel for the demand debate. The Q1 deliveries will create noise due to several "consensus" estimates as the mean was notably higher than the median due to outliers (likely a result of some not updating models). We expect FSD to be a central topic of the call with recent datapoints indicating a Q1 push.'

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Robert W Baird, Tesla, Ben Kallo