RBC Capital lowered the firm’s price target on Tesla (TSLA) to $480 from $500 and keeps an Outperform rating on the shares as part of a broader research note previewing Q1 for Global Auto names. U.S. OEMs and suppliers have recently pulled back amid macroeconomic concerns tied to geopolitical tensions in the Middle East, though while elevated fuel prices may support EV adoption in Europe, the firm sees limited mix shift in the U.S., where government incentives have been the primary demand driver for EV sales, the analyst tells investors in a research note. RBC notes however that the USMCA trade agreement – United States-Mexico-Canada Agreement – resolution could be delayed as a result of the Iran conflict.
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