Tesla price target lowered to $293 from $294 at RBC Capital

RBC Capital analyst Tom Narayan lowered the firm’s price target on Tesla to $293 from $294 but keeps an Outperform rating on the shares. The company’s Q1 Auto Gross Profit margins came in ahead of estimates thanks to better cost controls, the analyst tells investors in a research note. RBC adds that Tesla’s latest FSD V.12 has been a “seismic upgrade” to prior versions of the product, which was already revolutionary, and has accelerated the company’s robotaxi development plans.