Tesla downgraded to Reduce from Neutral at Phillip Securities

Phillip Securities analyst Jonathan Woo downgraded Tesla to Reduce from Neutral with a price target of $145, down from $175. The company’s Q1 results were below expectations due to slower vehicle deliveries and pricing pressures, the analyst tells investors in a research note. The firm cut Tesla’s fiscal 2024 revenue and EBITDA estimates by 6% and 19%, respectively, to reflect lower unit growth and margin headwinds. Phillip says electric vehicle industry growth is under pressure from prioritization of hybrids, with Tesla losing market share to traditional car makers.