Analysts are also worried about the prospect of continued price cuts alluded to by CEO Elon Musk.
"We are cautious of the discounting given LT brand risk," a note from Wells Fargo read, referring to longer-term damage to Tesla's brand. Wells Fargo cut its price target for Tesla from $190 to $170.
Analysts from Oppenheimer wrote that while Tesla would benefit over time from the potential market-share gains that price cuts could bring, "near-term margin pressure" would continue "to be a concern for investors." Oppenheimer has a "perform" rating on Tesla stock. Tesla shares remain elevated from a dismal 2022 performance which mirrored the broader downturn in tech companies. Shares of the electric vehicle manufacturer are up nearly 47% year-to-date.
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