Tesla shares traded lower Monday after JPMorgan analyst Rajat Gupta maintained a Neutral rating and cut his price target to $415 from $445. The change reflects a more cautious outlook ahead of Tesla’s third-quarter production and delivery figures, expected this week.
Cantor Fitzgerald added to concerns, saying it expects Tesla to report soft preliminary Q3 numbers. Wall Street estimates for Q3 deliveries range from approximately 422,000 to 482,000 vehicles. Analysts pointed to potentially weak August sales in the U.S. and China, key markets for Tesla.
The price target cut and broader investor concerns appeared to weigh on the stock. Separately, Tesla warned invitees that its October 1 Roadster event could be rescheduled because of forecast bad weather.