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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.

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