Wells Fargo Downgrades Tesla on Delivery and Demand Concerns While Some Analysts Remain Upbeat

• Wells Fargo downgraded TSLA stock on expectations of disappointing Q1 deliveries, price cuts, and concerns about demand for next-gen Model 2 • Wells Fargo set $125 price target, sees 30% downside risk from current levels • Longtime TSLA bull Dan Ives remains optimistic, expects Q1 deliveries around 430k, sees price cuts subsiding • Ives believes negative sentiment is overshooting, stabilization ahead for demand in 2024 • Morgan Stanley analyst cut 2024 EPS view by 25% on demand issues, sees potential for TSLA to lose money this year