Wells Fargo notes that Tesla’s (TSLA) Q1 EPS missed consensus. Adjusted operating margins were 5.0%, missing Tesla IR consensus of 6.1% on higher opex. The company also removed guidance for returning to growth in 2025. Wells expects the stock to trade down on the Q1 miss and removed delivery guide. The firm has an Underweight rating on the shares with a price target of $130.
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