Tesla 'Erred' With This Move, Bull Analyst Says As He Reduces Expectations For EV Stock
Portfolio Pulse from Shanthi Rexaline
Piper Sandler analyst Alexander Potter maintained an Overweight rating on Tesla, Inc. (NASDAQ:TSLA) but reduced the price target from $295 to $225, citing a lowered 2024 volume estimate from 2.18 million units to 1.93 million units. The reduction is attributed to Tesla's aging product lineup and the prioritization of the Cybertruck over a cheaper, more broadly appealing vehicle. Despite near-term skepticism, Potter remains bullish on Tesla's long-term prospects, highlighting the potential in non-automotive segments like Tesla Energy.

February 05, 2024 | 5:22 pm
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Piper Sandler analyst Alexander Potter maintains an Overweight rating on Tesla but reduces the price target from $295 to $225 due to lowered 2024 volume estimates and concerns over an aging product lineup.
The reduction in Tesla's price target by Piper Sandler, due to lowered volume estimates and concerns over an aging product lineup, is likely to negatively impact investor sentiment in the short term. However, the analyst's continued bullish stance on Tesla's long-term prospects, especially in non-automotive segments, suggests a mixed impact. The immediate reaction to the price target reduction and the negative outlook for the near term is likely to put downward pressure on TSLA's stock price.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100