Tesla Bull Rues 'Train Wreck' Earnings Call, Slashes Price Target By 10%: 'Dead Wrong Expecting Musk And Team To Step Up Like Adults In The Room'
Portfolio Pulse from Shanthi Rexaline
Following Tesla's Q4 earnings miss, Wedbush analyst Daniel Ives expressed disappointment and reduced his price target for Tesla from $350 to $315, a 10% cut. Ives criticized the earnings call for lacking strategic and financial details, but remains optimistic about Tesla's long-term prospects. Future Fund's Gary Black also lowered his 2024 EPS estimate for Tesla by 9% to $3.40, citing the lack of production guidance and pricing uncertainty. Tesla's stock fell 8.23% in premarket trading.
January 25, 2024 | 1:44 pm
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Wedbush analyst Daniel Ives lowered Tesla's price target from $350 to $315 after a disappointing Q4 earnings call, while maintaining an Outperform rating. Future Fund's Gary Black reduced his 2024 EPS estimate for Tesla by 9% to $3.40. Tesla's stock dropped 8.23% in premarket trading.
The reduction in price target by a prominent analyst and the lowering of EPS estimates are negative signals that can affect investor sentiment and stock price. The premarket trading drop indicates an immediate negative reaction to the news.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100