Tesla’s high financing incentives ‘not enough’ to help results, says Wells Fargo

Tesla’s (TSLA) Q4 deliveries of 496,000 missed consensus estimates of 507,000, but above the firm’s 464,000 estimate, Wells Fargo tells investors in a research note, noting that deliveries for the fiscal year were 1.79M, down 1% from 1.81M last year, below guidance of “slight growth” year over year. The firm expects the stock to trade down on the news, but says the results are less surprising given the weak reports in October and November as the continued high financing incentives were not enough to help results. Wells has an Underweight rating and $125 price target on the shares.