Tesla price target lowered to $450 from $455 at Stifel

Stifel analyst Stephen Gengaro lowered the firm’s price target on Tesla (TSLA) to $450 from $455 and keeps a Buy rating on the shares. The firm says Tesla’s Q1 results missed estimates mainly due to lackluster deliveries. While backlash against Elon Musk has clearly been a factor, the rollout of the new Model Y Juniper was also a headwind, the analyst tells investors in a research note. Stifel sees tariffs and macro headwinds likely limiting the company’s near-term growth. However, near-term catalysts for Tesla include Elon Musk noting that his time allocation to Department of Government Efficiency will likely drop significantly starting in May, the ramp in sales from the new Model Y, lower-priced vehicles hitting the market, and the expected rollout of unsupervised full-self driving in Austin in June, contends the firm. Stifel believes Tesla is still “very well positioned to deliver robust multi-year growth” through 2027.