Tesla Stock Dips as Wells Fargo Analyst Downgrades to Sell, Cuts Target by 38%

👉 Key Highlights:
📍 Wells Fargo analyst downgrades Tesla to Sell, cuts price target to $125 from $200.
📍 Tesla's premarket shares fall 2.2% amid broader market stability.
📍 2024 delivery projections remain flat at 1.8 million, with no growth expected into 2025.
📍 Sales estimates for 2024 and 2025 reduced to $91 billion and $96 billion, respectively.
📍 2024 EPS estimate drops to $2, significantly below consensus of $3.03.
📍 Analyst cites diminishing demand impact from price cuts and potential challenges with the upcoming Model 2.
📍 36% of analysts maintain a Buy rating, below the S&P 500 average.

👉 Context/Background:
📍 Tesla faces headwinds in maintaining its growth trajectory amid pricing and demand challenges.

👉 Why This Matters:
📍 The downgrade reflects growing skepticism around Tesla's growth prospects and market positioning.
📍 Tesla's stock performance is closely watched as a bellwether for the EV industry and tech-driven stocks.