Tesla price target lowered to $230 from $250 at Mizuho

Mizuho analyst Vijay Rakesh lowered the firm’s price target on Tesla to $230 from $250 and keeps a Buy rating on the shares following last night’s results. The company’s auto gross margin excluding credits was 19.0%, below the 20.7% consensus estimate, the analyst tells investors in a research note. However, the firm continues to see Tesla as a global leader in electric vehicles with much stronger margins versus peers and a long-term 50% annual production growth target intact.