JPMorgan Cuts Price Target For Tesla To $385, Says Shares Could Fall To 41% On Weaker Deliveries via /r/wallstreetbets #stocks #wallstreetbets #investing

Tesla stock fell 4% on Tuesday, and JPMorgan believes it could fall a lot more as the company grapples with production slowdowns at its factories in Shanghai, Austin, and Berlin.

In a Monday note, JPMorgan trimmed its Tesla price target to $385 from $395, representing potential downside of about 41% from current levels. The call came after Tesla announced weaker-than-expected second-quarter vehicle deliveries of 254,695 over the weekend.

That's well below the 310,000 vehicles delivered in the first quarter, below JPMorgan's original second-quarter estimates of 315,000, and slightly below consensus estimates of 257,000, which were updated to account for the ongoing COVID-19 lockdowns in China.

"Lower production in Shanghai due to factors outside Tesla's control is likely the largest contributor to the production shortfall pressuring deliveries during the quarter," JPMorgan said.

Read the full article: https://markets.businessinsider.com/news/stocks/tesla-stock-price-target-trimmed-jpmorgan-weak-q2-deliveries-tsla-2022-7

JPMorgan (JPM) reiterates its underweight rating and cuts its price target for Tesla (TSLA) to $385, about 40% from current levels. This comes after TSLA announced lower-than-expected Q2 deliveries of 254,695 over the weekend.

TSLA is currently down 41% YTD and almost -50% from its record high.

Do you agree with JPM's price target?