Tesla price target raised to $345 from $250 at Goldman Sachs

Goldman Sachs raised the firm’s price target on Tesla (TSLA) to $345 from $250 and keeps a Neutral rating on the shares. Given a reduced EV market forecast, the firm is lowering its EPS estimates for Tesla, driven by lower deliveries and lower auto gross margins. However, while the firm sees fundamental headwinds to the core auto business over the near to medium term, it also believes the market is taking “a more forward-looking approach to Tesla,” including with respect to its AI opportunity, the analyst stated.