Tesla's stock has been reevaluated by J.P. Morgan, which lowered the target price, citing delivery reductions and changing customer perceptions.
Price Target and Delivery Reductions
J.P. Morgan has reduced Tesla's stock price target from $135 to $120, forecasting around 1.78 million car deliveries this year, a 1% decrease from previous estimates.
Public Reaction and Impact
Tesla has faced protests both in the U.S. and internationally. The company's stock has been impacted by negative reactions to job cuts and the cancellation of humanitarian contracts. Former President Donald Trump commented on the protests, blaming protesters for the company's stock decline.
Factors Affecting Tesla's Stock Decline
Key reasons behind Tesla's stock decline include concerns over meeting production targets and sales drops, particularly in Europe and China. Strategist Lindsay James noted that Elon Musk's political stances also affected the brand. Additionally, Chinese electric vehicle manufacturers are increasing competition.
Tesla is likely to continue facing market volatility in the near future, given the current economic indicators and public reactions.
