Tesla price target lowered to $285 from $295 at Goldman Sachs

Goldman Sachs lowered the firm’s price target on Tesla (TSLA) to $285 from $295 and keeps a Neutral rating on the shares. The firm reduced its Tesla vehicle delivery assumptions and earnings estimates to better reflect weaker monthly data points in the company’s key regions of China, the U.S., and Europe, and also consumer survey data. Through May, Tesla’s quarter-to-date deliveries are tracking down mid-teens year-over-year in the U.S. while European registration data for April shows a 50% year-over-year decline, the analyst tells investors in a research note. Goldman believes the company’s Q2 deliveries could end up between 335,000 and 395,000, depending on how strong June is. The firm’s base case view is now 365,000 deliveries for Q2, down from a prior 410,000 estimate and below the consensus estimate of 417,000. Consumer survey data on Tesla remains weak for North America and Europe, but stronger in China, Goldman points out.