Tesla price target lowered to $162 from $176 at Truist

Truist lowered the firm’s price target on Tesla to $162 from $176 and keeps a Hold rating on the shares. The company’s Q1 results underperformed expectations, but its messaging around new auto products and improving AI developments were distinctly positive surprise intended to smoothe the performance between the prior growth wave of Model 3/Y demand and the next growth wave around the next-gen vehicle ramp, the analyst tells investors in a research note. The firm adds however that risks remain elevated and include a big recent price cut, significant recent management dislocations, and the overhang from CEO Musk’s compensation package dispute.