Tesla price target lowered to $250 from $270 at Deutsche Bank

Deutsche Bank analyst Emmanuel Rosner lowered the firm’s price target on Tesla to $250 from $270 and keeps a Buy rating on the shares. Tesla reported Q3 deliveries of 405,300 units, up from Q3’s 343,800 units but below Deutsche’s forecast of 420,000, reflecting an increase in cars-in-transit at the end of the quarter, macro weakness in China and the push-out of deliveries in the U.S., Rosner tells investors in a research note. 2022 deliveries were below Tesla’s longer-term target of 50% growth but still represents a solid result in the midst of COVID lockdowns, supply chain challenges, as well as rising macro weakness and challenging consumer environment especially in China, says the analyst. He believes Tesla remains in the best position for 2023 growth.