Piper Sandler analyst Alexander Potter lowered the price target on Tesla (NASDAQ: TSLA) to $450.00 (from $500.00) while maintaining a Overweight rating.

The analyst commented: "TSLA's now back to its pre-election valuation. Remember: this isn't the first time TSLA has doubled and subsequently gotten cut in half, and it likely won't be the last. In our view, nothing has changed re: Tesla's ability to remake the world's transportation and energy markets. We are cutting our 2025 delivery expectations — and QTD trends may prompt others to follow suit — but we don't think politics are entirely to blame. Rather, factory shutdowns and the Model Y changeover are the primary cause of lower deliveries. Although our $450 price target (down from $500) is based on P/E, our DCF-based methodology still implies a $300+ valuation, and that's with no contribution from humanoid robots or AI-as-a-service. In other words, at ~$234/sh, we think TSLA is cheap based solely on Autos+Energy+FSD."