Canaccord lowered the firm’s price target on Tesla (TSLA) to $420 from $520 and keeps a Buy rating on the shares. The firm increased its Q1 delivery estimates to 370,000 from 367,700 based on its work, saying electric vehicle sales “still very much matter” to Tesla’s earnings. It believes China remains “sluggish” while the U.S. and Europe are “, improving but still meh.” The other “magnificent 7” stocks are trading at more depressed multiples since Canaccord’s last update on Tesla, the analyst tells investors in a research note. As a result, the firm lowered Tesla’s multiple while keeping its 2028 estimates intact. The multiple used for the price target is “reasonable” given Tesla’s “long-duration, generational growth opportunities” in areas such as electric vehicles, robotics, autonomy, and energy storage, Canaccord contends.
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