Tesla Inc (NASDAQ:TSLA) shares are trading lower Monday. JPMorgan lowered its price target on the stock, with investor caution also building around a potential announcement of third-quarter production and delivery figures this week. Here’s what you should know.
- Tesla stock is feeling bearish pressure. What’s pressuring TSLA stock?
JPMorgan Lowers Price Target to $415
JPMorgan analyst Rajat Gupta maintained a Neutral rating on Tesla while lowering the price target to $415 from $445. Tesla carries an overall Buy rating on Wall Street, with an average price target of $411.37.
Other recent analyst actions include StoneX maintaining a Buy rating with a $475 target on Sept. 25, and Goldman Sachs maintaining a Neutral rating with a $360 target on Sept. 16.
Investors Brace for Delivery Numbers
Adding to the pressure, Cantor Fitzgerald said in a note that it expects Tesla to release soft preliminary third-quarter production and delivery numbers sometime this week. Analyst Andres Sheppard maintained an Overweight rating and $485 price target on the stock.
Cantor’s third-quarter estimates sit below Wall Street’s broader consensus, projecting 421,758 vehicle deliveries compared with a Visible Alpha consensus of 448,679, and roughly 15 gigawatt-hours of energy storage deployments versus a consensus of 17.1 gigawatt-hours.
Cantor also weighed in on Tesla’s Semi program, pegging current output at somewhere close to 1,000 trucks weekly, while noting that Semi units will make up only a sliver of Tesla’s total vehicle count through the end of the year. The firm said autonomous trucking remains a lower priority for Tesla than scaling up autonomy across its robotaxi and Cybercab fleet.
Cantor framed its overall outlook as cautiously optimistic, explaining that its Overweight call comes with the caveat of deliberately conservative third-quarter estimates and Tesla Semi’s minor footprint within Tesla’s much larger vehicle business. Tesla is due to report third-quarter results next month.
TSLA Shares Slide
TSLA Price Action: Tesla shares were down 3.30% at $359.80 at the time of publication on Monday, according to Benzinga Pro.
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