Posted 4/12/2024, 3:26:42 PM
Tesla Stock Drops as Citi Cuts Price Target, Citing Delivery Struggles and Market Saturation Risks
- Citi cuts Tesla's price target to $180 per share, down from $196, due to Q1 delivery miss and market saturation
- Tesla shares have fallen over 30% so far in 2024 amid delivery struggles
- Saturation is limiting demand despite Tesla's price cuts, per Citi analyst Itay Michaeli
- Michaeli sees challenges ahead but says issues are "solvable"
- Citi appreciates Tesla's robotaxi focus but outlines scenario where challenges aren't sufficiently addressed