Tesla price target lowered to $175 from $192 at Citi

Citi lowered the firm’s price target on Tesla to $175 from $192 and keeps a Neutral rating on the shares. The company’s Q1 margin miss confirms that price cuts weren’t offset to the extent previously expected, the analyst tells investors in a research note. This, along with the recent price cuts in Q2, could dampen near-term share sentiment since Tesla’s margins will likely come to be viewed as more vulnerable with the company fully committed to 2023 volume targets amid a softer macro backdrop. Citi expects the stock to pull back and says an entry point in the near-term requires more conviction on demand.