A slew of price cuts are rolling in for Tesla stock after the car maker reported its latest quarterly results.
The carmaker missed on earnings for the first quarter , pulling in $19.3 billion in revenue, down 9% from levels last year and lower than the forecasted $21.4 billion.
Tesla also gave investors a mixed bag of announcements on its earnings call . The company, for instance, is on track to roll out its Robotaxi service and affordable Tesla model sometime this year, but withdrew its vehicle growth guidance for 2025, given the uncertainty swirling around tariffs .
For some on Wall Street, it's another reason to cut their expectations for Tesla in the coming year. Tesla shares traded around $246 a share on Wednesday, still down 34% from levels at the start of year.
Here's what analysts are saying about Elon Musk's car company , and how much they've lowered their forecasts.
Goldman Sachs
Old price target: $260
New price target: $235
Percentage change from current levels: -4%
Goldman Sachs pointed to the medley of good and bad news in Tesla's latest earnings call, like the expected robotaxi launch but rescinded 2025 guidance. Tesla's longer-term picture looks brighter, analysts said, adding that they believed Tesla could see "improved longer-term profits" from full self-driving .
"We still see downside risk to consensus estimates over the intermediate term given tariff costs and end demand considerations, and we lower our estimates to reflect reduced vehicle volumes (due to company comments implying new models planned to launch later this year may be less unique than we'd expected) and higher opex," analysts wrote in a note Wednesday.
RBC Capital Markets
Old price target: $314
New price target: $307
Percentage change from current levels: +24%
Tom Narayan, an analyst at RBC, titled his note following the call, "Pleasure spiked with pain." He pointed in particular to how the carmaker withdrew its guidance for growth in 2025.
Tariffs could also significantly impact Tesla's energy storage business — a bright spot in the results— given that its batteries are sourced from China. On the vehicle side, the company looks "better positioned" to deal with trade policy changes, given that Tesla's Model Y is "the most American-made car in the world," Narayan said.
"We cut our delivery expectations and as a result, our PT drops to $307," Narayan wrote in a note on Tuesday, though the firm maintained its "outperform" rating on the stock.
Cantor
Old price target: $425
New price target: $355
Percentage change from current levels: +49%
Cantor reiterated its "overweight" rating on Tesla and said it remained bullish on the company for the long term. It pointed to the expected launch of Tesla's Robotaxi, the release of the lower-priced Tesla, and news that Elon Musk could spend less time at DOGE starting in May. That's a sign Musk could have more time to pour into Tesla, the firm added.
"Still, we become a bit more conservative in the near-term amidst global macro uncertainties, tariff impact on current and future demand (and on energy storage business), and some backlash in the consumer behavior/brand damage from Elon's polarizing politics," analysts wrote.
"Overall, with Tesla's shares down ~41% YTD, we continue to believe this is an attractive entry point for investors with >12-month investment horizon (and who are comfortable with volatility)," they added.
CFRA Research
Old price target: $360
New price target: $260
Percentage change from current levels: +9%
CFRA Research cut its rating on Tesla from "Buy" to "Hold."
Garrett Nelson, a senior equity analyst at the firm, said the rating change and price cut was largely due to lower long-term expectations for Tesla's growth, given the firm's latest figures.
"We lower our opinion to Hold, reflecting a mix of positive and negative investment considerations. At the top of the list of concerns is our intermediate-term earnings growth expectation: we now believe TSLA's EPS won't rebound to 2023 levels until at least 2027," Nelson wrote.
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