Tesla price target lowered to $280 from $373 at Truist

Truist lowered the firm’s price target on Tesla (TSLA) to $280 from $373 and keeps a Hold rating on the shares. Q1 deliveries were “weak” and well below sell-side consensus, but the firm believes the result “wasn’t too far off from investors’ views.” While the firm notes that its near-term EPS estimates decline “meaningfully” based on today’s updates, it advises investors to remain focused on FSD updates, which Truist believes are “much more important for the long-term value of the stock.”