Tesla (TSLA) reported lower-than-expected deliveries for the first quarter, disappointing investors and sending the electric vehicle (EV) maker’s stock down 5.4% on Thursday. The company reported Q1 2026 deliveries of 358,023 units, which reflected a 6.3% year-over-year growth but missed the Street’s expectations and declined 14% from the previous quarter. In reaction to the Q1 deliveries report, analysts at Goldman Sachs and Truist slashed their price targets on Tesla stock. Let’s look at the opinions of these analysts on the Elon Musk-led company.
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Goldman Sachs Analyst Weighs in on Tesla Deliveries
Goldman Sachs analyst Mark Delaney cut the price target for Tesla stock to $375 from $405 and maintained a Hold rating following the Q1 deliveries report.
The 5-star analyst noted that the company’s U.S. sales were down year-over-year due to the expiration of the $7,500 federal tax credit, partially offset by demand for Models S and X ahead of the end of their production.
Truist Analyst Cuts TSLA Stock Price Target
In reaction to the Q1 deliveries, Truist Securities analyst William Stein lowered his price target for Tesla stock to $400 from $438 and reiterated a Hold rating. Stein noted that the first-quarter auto deliveries and energy storage deployments lagged the Street’s and Truist’s estimates. The 5-star analyst added that the company did not provide any updates on the more important aspects – AI projects and new vehicles. The analyst slightly reduced his near-term EPS (earnings per share) estimates following the Q1 deliveries update.
Stein believes investors should focus more on AI projects, especially Tesla’s FSD (full self-driving) technology. The analyst believes that Tesla’s AI developments are more important than its auto deliveries for long-term cash generation and stock performance.
Is TSLA a Buy, Sell, or Hold?
Given the ongoing challenges, Wall Street has a Hold consensus rating on Tesla stock based on 13 Buys, 11 Holds, and eight Sells. The average TSLA stock price target of $394.36 indicates 9.4% upside potential. TSLA stock has declined 20% year-to-date.
