Analyst details Tesla's 'very messy first quarter'

Analysts are lowering their price targets and general expectations for Tesla as the EV giant aims to navigate out of what one called a "very messy quarter."

As Jewsikow noted, Tesla is currently dealing with concerns from multiple angles, but he pointed to troubles in China as a key area of concern.in the country in early January amid more competition, but it has so far failed to see a sales boost. Deliveries in the country fell almost 20% year over year, Tesla reported in February.

Tesla stock helped lead a tech-fueled market rally on Thursday, as shares rose around 4%. But the stock is down nearly 30% this year, making it one of the worst performers in the S&P 500, which has gained over 10% so far in 2024. Tesla is going through a mini-crisis and CEO Elon Musk seems detached. ”While we were anticipating a bad 1Q , this was an unmitigated disaster,” wrote Wedbush analyst Dan Ives. Tesla delivered just 387,000 units in the first quarter, down almost 9% year over year, missing the lowest Wall Street estimates by some 20,000 units.Bitcoin has failed to consolidate near its record high notched last month. The release of the U.S. jobs report could be a key catalyst.

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