GLJ Research analyst Gordon Johnson raised the firm’s price target on Tesla (TSLA) to $25.28 from $19.05 and keeps a Sell rating on the shares as the firm is adjusting Q4 estimates for “reality rather than narrative.” With 418,000 in Q4 deliveries, a Q4 mix-shift toward heavily discounted Model Ys outside of China and Q4 being the first quarter in which U.S. automakers are no longer federally mandated to buy ZEV credits from Telsa, the “earnings math deteriorates quickly,” says the analyst, who expects the company’s decline in global deliveries to accelerate to 15.0% year-over-year in 2026.
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