Shares of Tesla are falling again in 2023 after a weak fourth quarter in deliveries.
The Jan. 2 release showed deliveries for the electric vehicle maker
While fourth quarter figures pushed Tesla's 2022 deliveries to 1.3 million to notch 47% growth year-over-year, the total was still below the company's 50% guidance. "Tesla is becoming a long-term hold, but there could still be more pain to come," he added. "The growth opportunity abroad is still there, but rising competition will make this a tough rebound once Tesla shares find a bottom."J.P. Morgan lowers expectations for Tesla in 2023
In a report Monday, JPMorgan analyst Ryan Brinkman said the investment bank was lowering its estimates and price target following Tesla’s miss on deliveries "which tracked modestly higher than our model but seemingly at the cost of higher incentives, suggesting lower pricing and margin."
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