Why Shares of Tesla Are Falling to End the Week
Shares of the electric vehicle (EV) company Tesla (NASDAQ: TSLA) traded 3.4% lower, as of 12:18 a.m. ET today. The broader market struggled on Friday due to hotter-than-expected inflation data, and an analyst lowered his price target on the stock.The Federal Reserve's preferred gauge of inflation, the Personal Consumption Expenditures index, rose 0.4% from the prior month and came in at 2.8% higher year over year, slightly above estimates. This led to further inflationary concerns, sending most stocks lower.Meanwhile, Deutsche Bank analyst Edison Yu issued a report on Tesla Friday morning, maintaining his buy rating but lowering his price target from $420 to $355. Yu lowered his first-quarter delivery estimates for the company from 378,000 to somewhere between 340,000 and 350,000. This number would mean an 11% year-over-year decline in deliveries and represent the lowest number of deliveries since 2022.Continue reading
Shares of the electric vehicle (EV) company Tesla (NASDAQ: TSLA) traded 3.4% lower, as of 12:18 a.m. ET today. The broader market struggled on Friday due to hotter-than-expected inflation data, and an analyst lowered his price target on the stock.
The Federal Reserve's preferred gauge of inflation, the Personal Consumption Expenditures index, rose 0.4% from the prior month and came in at 2.8% higher year over year, slightly above estimates. This led to further inflationary concerns, sending most stocks lower.
Meanwhile, Deutsche Bank analyst Edison Yu issued a report on Tesla Friday morning, maintaining his buy rating but lowering his price target from $420 to $355. Yu lowered his first-quarter delivery estimates for the company from 378,000 to somewhere between 340,000 and 350,000. This number would mean an 11% year-over-year decline in deliveries and represent the lowest number of deliveries since 2022.
