Wedbush analyst Dan Ives slashed Tesla's stock price target by 30%, citing 'demand cracks,' as Elon Musk is 'asleep at the wheel'
Wedbush analyst Dan Ives is still bullish on Tesla Inc.’s stock, but he’s now the least bullish on Wall Street after slashing his price target by 30%, citing “demand cracks” for the fourth quarter and into next year.
Ives said he now believes the electric vehicle maker TSLA will report fourth-quarter deliveries in the range of 410,000 to 415,000 EVs, down from his prior estimate of 450,000, and below the FactSet consensus of 429,000. That puts Tesla in danger of missing quarterly delivery expectations for the first time since the second-quarter of June 2019, according to FactSet data.
He cut his stock price target to $175 from $250, but reiterated the outperform rating he’s had on Tesla since April 2021. But of the 27 analysts surveyed by FactSet who are bullish on the stock, Ives’ target is now the lowest. Tesla’s stock bounced 1.4% in premarket trading Friday, putting it on track to snap a five-day losing streak in which it plunged 20.5% to close Thursday at the lowest price since September 2020.While Ives isn’t blaming Chief Executive Elon Musk for the macro and demand “headwinds,” he did take at shot at Musk by saying the Twitter distraction is keeping him from guiding Tesla through them.
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