Tesla price target lowered to $215 from $225 at Wedbush

Wedbush analyst Daniel Ives lowered the firm’s price target on Tesla to $215 from $225 and keeps an Outperform rating on the shares. The firm notes Tesla delivered mixed results with solid demand metrics but "the elephant in the room" is softer margins that will weigh on shares post-earnings. Auto gross margins ex credits came in at 19% versus the Street at 20.7% and down massively from the year ago as the company cut prices to further stimulate consumer demand in a shaky macro amidst rising EV competition globally in this EV arms race. Margins are now a delicate issue that are keeping Tesla investors up at night, Wedbush says.