Tesla price target lowered to $351 from $360 at Truist

Truist lowered the firm’s price target on Tesla (TSLA) to $351 from $360 and keeps a Hold rating on the shares. Tesla’s Q4 deliveries of 495,600 units were slightly below Street expectations and well below the firm’s model, the analyst tells investors in a research note. The firm’s data analysis suggests average selling prices declined by 0.5% quarter over quarter in the quarter, and Truist expects ASPs to continue facing downward pressure as Tesla will likely continue to flex pricing to stimulate demand.