Tesla's Price Target Lowered by Baird Analyst Amid Lower Deliveries

By Don Francis, Editor
April 3, 2024 7:42 AM UTC
Tesla's Price Target Lowered by Baird Analyst Amid Lower Deliveries

Baird's Ben Kallo lowered their price target on Tesla (NASDAQ: TSLA) by 6.7% from $300 to $280 on April 2, 2024. The analyst maintained their Buy rating on the stock.

Kallo's decision to lower the price target came after Tesla reported lower-than-expected deliveries and production in the first quarter of 2024. These numbers declined throughout the quarter and were impacted by several one-time factors, according to the analyst. However, Kallo also cautioned that "bears will use the lower deliveries to fuel the demand debate."

Despite the downward revision in the price target, 60% of top-rated analysts currently rate TSLA as a Strong Buy or Buy, while 40% see it as a Hold. No analysts recommend or strongly recommend selling the stock.

The consensus forecast among analysts is that Tesla's upcoming year will deliver earnings per share (EPS) of $5.43. If the analysts are correct, TSLA's next yearly EPS will be up by 14.8% on a year-over-year basis.

Since Tesla's last quarterly report on December 31, 2023, the stock price has declined by 32.9%. Year-over-year, the stock is down 14.4%. During this period, TSLA has been trailing the S&P 500, which is down 26.2%.

Baird analyst Ben Kallo is ranked in the top 25% out of 4,530 Wall Street analysts, according to WallStreetZen. With an average return of 3% and a 41.9% win rate, Kallo specializes in the Real Estate and Utilities sectors, among others.

Tesla, Inc., headquartered in Austin, Texas, designs, develops, manufactures, leases, and sells electric vehicles, as well as energy generation and storage systems. The company operates in two segments: Automotive and Energy Generation and Storage. The Automotive segment offers electric vehicles and sells automotive regulatory credits, among other services. The Energy Generation and Storage segment engages in the design, manufacture, installation, and sale of solar energy generation and energy storage products.

Get alerted when Wall Street analysts update their forecasts for TSLA

WallStreetZen tracks the performance of nearly 4,000 Wall Street analysts, whom we rank by average returns, frequency, and win-rate (backtested over multiple years).

Create a free watchlist and be the first to know when top-rated Wall Street analysts revise their TSLA stock forecast.

Want to get in touch? Email us at news@wallstreetzen.com.

WallStreetZen and Don Francis do not hold any positions in the companies mentioned in this article. The information and statistics provided herein are presented for general informational purposes only and may not be accurate, complete, or up-to-date. It should not be interpreted as a recommendation to buy or sell any stocks and should not be solely relied upon for making investment decisions. It does not take into account your financial situation or risk profile. All investors should conduct their own investment due diligence before buying a stock. WallStreetZen expressly disclaims any liability for the accuracy, reliability, or completeness of the analysts' information, price targets, ratings, or opinions.

WallStreetZen does not provide financial advice and does not issue recommendations or offers to buy stock or sell any security.

Information is provided 'as-is' and solely for informational purposes and is not advice. WallStreetZen does not bear any responsibility for any losses or damage that may occur as a result of reliance on this data.