Tesla price target lowered to $303 from $404 at Canaccord

Canaccord lowered the firm’s price target on Tesla (TSLA) to $303 from $404 and keeps a Buy rating on the shares. Last night’s Q1 report “was not a shining moment” for Tesla, as the quarter was impacted by production scaling as well as a brand and macroeconomic impact on sales, the analyst tells investors in a research note. The firm adds that the company’s commentary around new models for this year did not get it excited. For the stock to work, Tesla’s “growth arc must materially turn positive,” contends Canaccord. The firm thinks “it eventually will.” Momentum from new vehicles, including the new Model Y, should help some, and the company has “multiple generational growth drivers over the long term,” it believes.