A longtime Tesla bull slashes its price target by nearly 50% as it sees lower earnings and revenue at the EV maker
's price target at Jefferies was sliced by nearly 50% on Tuesday, but the long-time bull said the company's recent price cuts will support a wider goal of making electric vehicles more affordable.
The new target is 47% above Tesla's closing price of $122.40 on Friday. The shares in 2022 were hammered down by 64%, among the 10 worst-performing on the S&P 500. for its Model 3 sedan, its Model Y SUV and various performance models, while also lowering prices in European markets. The moves followed price cuts in China and other markets in Asia to reinvigorate demand.
Jefferies dropped its 2023 revenue estimate by 21% to $99.4 billion and its per-share earnings projection of $3.61 was 17% below consensus.
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