Tesla's Q1 Delivery Miss Sparks Bearish Analyst Sentiment

Wall Street analysts are cutting their price targets on Tesla shares after the EV maker reported disappointing first quarter delivery numbers. Guggenheim analyst Ron Jewsikow expressed confidence in negative catalysts for Tesla and maintained a Sell rating on the stock while cutting his price target to $122. Truist analysts also lowered their price target on Tesla to $176, citing the next positive catalyst for the stock as the unveiling of a next-gen vehicle. The stock is down over 30% this year, and concerns about year-over-year declines in deliveries, structural risks to the China outlook, and political cycle risks are being raised.