GLJ Research analyst Gordon Johnson lowered the firm’s year-end 2024 price target on Tesla to $22.86 from $23.53 and keeps a Sell rating on the shares. Tesla sold 95,000 fewer cars in Q1 quarter-over-quarter and GLJ now assumes the company’s average selling price in the quarter will fall just over $2,000 per car quarter-over-quarter, meaning its revenue will be down $5B from Q4. Further, the reported job cuts pushed the firm to lower its assumption for Q2 deliveries to 405,000 from 425,000. GLJ believes consensus estimates remain too high.
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