Tesla price target lowered to $316 from $333 at Argus

Argus lowered the firm’s price target on Tesla to $316 from $333 and keeps a Buy rating on the shares. The company’s lower Q3 earnings reflected lower average selling price due to pricing and sales mix, along with an increase in operating expenses driven by Cybertruck, AI, and other R&D projects, the analyst tells investors in a research note. Argus is also cutting its FY23 EPS view to $3.19 from $3.96 and its FY24 view to $4.14 from $5.80 given the slower-than-expected profit contribution of the Cybertruck and Tesla’s cautious commentary on current macroeconomic conditions, though it continues to expect the company to benefit from tax credits for EV purchases under last year’s Inflation Reduction Act and for its company’s Supercharger Network to become a key revenue driver in the coming years as many automakers adopt the NACS charging standard.