Citi Analysts Lower Tesla’s Q1 Forecasts, Downgrade Price Target to $196
Citi analysts have lowered Tesla’s (TSLA) price target from $224 to $196, but are preserving their Neutral stance. They’ve revised delivery forecasts for Q1 ahead of Tesla’s announcement, dropping the number of expected units from 473.3k to 429.9k.
They’ve remarked previously about Q1’s difficult outlook, attributed to optimistic consensus predictions. Despite a gradual fall in consensus estimates, March figures have not been impressive. The analysts have pointed out that investors’ expectations for Q1 deliveries could be in the low 400,000s, significantly less than the decreasing analyst consensus of 460,000 to 470,000. They suspect that even with these adjustments, the estimates for 2024 and 2025 may remain too positive.