Tesla price target lowered to $122 from $205 at Cowen

Cowen analyst Jeffrey Osborne lowered the firm’s price target on Tesla to $122 from $205 and keeps a Market Perform rating on the shares. The analyst noted they missed the Q4 deliveries estimate and said production was in-line with consensus and 8.5% above deliveries which the company attributed to increased cars in transit as the company shifts to a more balanced regional mix of vehicle builds.