Wells Fargo analyst Colin Langan calls Tesla’s (TSLA) Q1 delivery report a “big bust.” The company reported a year-over-year decline of 13% and a consecutive quarter of failing to meet the quarterly consensus, the analyst tells investors in a research note. The firm expects the shares to trade down as “deteriorating fundamentals continue to take the spotlight.” Wells says Tesla’s high financing incentives were not enough to help the Q1 results. The firm has an Underweight rating on the shares with a $130 price target
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