JPMorgan lowered the firm’s price target on Tesla (TSLA) to $115 from $120 and keeps an Underweight rating on the shares following what the firm says were Q1 results “evincing a more rapid deterioration in business fundamentals than assumed by JPM or Street forecasts.” Expectations for financial performance this year had already deteriorated significantly heading into the release of Q1 results, but the firm sees last night’s report “portending yet another reset of investor expectations,” the analyst stated. The firm lowered its estimate for 2025 revenue to $97B from $102B and cut its EBIT forecast to $6.6B from $8.7B, the analyst noted.
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