(CercleFinance.com) – Tesla shares fell sharply this Thursday on the New York Stock Exchange the day after the publication of quarterly results below expectations and an outlook considered unfavorable.
The electric vehicle manufacturer warned last night that a slowdown in the growth of its vehicle deliveries should be expected in 2024, after a 38% increase in sales last year.
This projection has led many financial analysts to review their price target on the stock.
The Canaccord Genuity teams are thus reducing their target from 267 to 234 dollars, while remaining buying on the value, warning that investors would now have to be ‘patient’.
‘The next generation platform, the update of the full autonomous driving (FSD) system, the improvement in margins and the Optimus robot project will undoubtedly lead to an acceleration in revenue growth,’ promises the Canadian broker in a note released in the morning.
‘But it won’t be this year,’ he warns, warning that the 2024 financial year will be ‘lackluster’, but that it will probably constitute a ‘low point’ in the group’s growth history.
At Jefferies, which is ‘hold’ on the value with a target of 225 dollars, we recall however that the launch of the new generation platform is not planned before the second half of 2025.
The most severe revision is that of Mizuho analysts, who reduce their target from 310 to 270 dollars, attributing the bout of weakness expected in 2024 to the reduction in aid for the acquisition of electric vehicles but also to more gloomy consumption .
The harshest words, however, go to Dan Ives, the star analyst at Wedbush Securities, who lowers his target from 350 to 315 dollars after the publication the day before.
‘We totally failed to believe that Musk and his teams would behave like adults on the conference call and provide us with strategic and financial information on current price declines, margin structure or market volatility. ask,’ he wrote.
‘Instead, we were treated to a long explanation of the text on Tesla’s long-term vision and a conference call that looked like total nonsense,’ he laments.
The only discordant voice in this concert of skeptical comments, New Street Research believes that the weakness of the stock price today could constitute a good entry point for building positions.
By falling almost 10% today, Tesla saw its market capitalization fall by around $65 billion. Since January 1, the stock has fallen more than 25%.
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