Tesla price target lowered to $200 from $300 at Evercore ISI

Evercore ISI analyst Chris McNally lowered the firm’s price target on Tesla to $200 from $300 and keeps an In Line rating on the shares. While he still sees Tesla having a leading EV gross margin advantage, it is "impossible to ignore that investors are already well aware of these benefits but now must ALSO battle test demand assumptions for ’23-25" and it is "hard to ignore the prevailing Tesla thesis drift" from one of "unlimited demand" to a "margin story," McNally tells investors. Though he made no change to his EPS forecasts, McNally highlights volume risk without introduction of a Model 2 by 2025.