Tesla (TSLA) PT Lowered to $150 at Redburn-Atlantic

Redburn-Atlantic analyst Adrian Yanoshik lowered the price target on Tesla (NASDAQ: TSLA) to $150.00 (from $160.00) while maintaining a Sell rating.

The analyst said: "Cutting volume, margin estimates ahead of reported delivery volumes early next week. We lower our Q1 unit sales expectations to -12% sequentially (~10% below early cons.) based on vehicle registration data through February and elevated inventories through March. Meanwhile, advertised and inventory pricing remain weak. Lower growth with sustained discounting drives our FY24 automotive gross margin (ex-credits) outlook to 13%, EPS to $1.86 (35% below cons.), and our target price to $150 (from $160). We highlight the risk of further disappointment. Tesla’s stickier unit costs amplifies its exposure to weakening EV pricing."

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