Tesla price target lowered to $193 from $227 at Truist

Truist analyst William Stein lowered the firm’s price target on Tesla to $193 from $227 and keeps a Hold rating on the shares. The company’s Q4 Total Automotive revenue was 2.8% above consensus, but this was more than offset by a 18.5% miss in Energy Gen and 1% miss in Services, the analyst tells investors in a research note. The management’s updates were also “mostly negative”, Truist states, calling for volume growth to be “notably lower” in 2024 and for cost reductions to slow, pressuring margin recovery.