Tesla price target lowered to $250 from $265 at Jefferies

Jefferies lowered the firm’s price target on Tesla to $250 from $265 and keeps a Hold rating on the shares. In the last few months, tracking Tesla fundamentals “has felt a bit like watching paint dry” as more margin erosion in Q3 and uncertain growth in 2024 “raise questions whether Tesla’s earlier profit edge was structural or a timing difference,” the analyst tells investors. Non-auto ventures like full self-driving, storage and Optimus can support shares, but these “are not yet substitutes to speed and hyperscale in the auto business,” the analyst added.