Tesla (TSLA – Research Report), the Consumer Cyclical sector company, was revisited by a Wall Street analyst yesterday. Analyst Mark Delaney from Goldman Sachs maintained a Hold rating on the stock and has a $285.00 price target.
Confident Investing Starts Here:
- Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter
Mark Delaney has given his Hold rating due to a combination of factors impacting Tesla’s performance. One of the primary reasons is the adjustment of Tesla’s vehicle delivery expectations and earnings per share estimates. This adjustment reflects weaker monthly data in significant markets such as China, the US, and Europe, as well as insights from consumer surveys by HundredX and Morning Consult.
In particular, the data shows a decline in year-over-year deliveries in the US and Europe, with the US seeing a mid-teens percentage drop and Europe experiencing a significant decline in registrations. In China, while there is a slight sequential increase, the year-over-year figures still show a decrease. These factors have led to a revised forecast for Tesla’s second-quarter deliveries, now estimated at 365,000 units, which is lower than previous estimates and consensus data.
In another report released on May 30, DBS also maintained a Hold rating on the stock with a $275.00 price target.
TSLA’s price has also changed moderately for the past six months – from $369.490 to $284.700, which is a -22.95% drop .
Looking for a trading platform? Check out TipRanks' Best Online Brokers , and find the ideal broker for your trades.
Report an Issue