Tesla price target lowered to $120 from $125 at Wells Fargo

Wells Fargo lowered the firm’s price target on Tesla to $120 from $125 and keeps an Underweight rating on the shares. The firm expects a Q1 miss from Tesla but says expectations are low after the weak deliveries report. The company’s poor fundamentals may be overshadowed on the Q1 call by full self-driving “razzle-dazzle,” the analyst tells investors in a research note. “Once the show is over, fundamentals should matter again,” contends Wells. It forecasts Q1 earnings per share of 40c, below the consensus of 54c.