Evercore ISI analyst Chris McNally lowered the firm’s price target on Tesla to $145 from $155 and keeps an In Line rating on the shares. The firm further cut its target based on $4.50-plus FY27 EPS, down from a previous view of about $5-$6, given further volume and gross margin reductions. While the true next-gen $25,000 “Model 2” and Mexico plant now appear pushed beyond 2027, Tesla surprised with an announcement that they will pull forward additional “new models” to late 2024/2025, but the firm questions how much additional demand can be generated given only a slightly cheaper or slightly altered product.
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