As fears of a weak first quarter loom over the electric vehicle giant, analysts at Wells Fargo have decided to add the Tesla remains China as rising EV competition and a lingering price war has made this key market very challenging for Tesla the last year and especially this quarter,” Wedbush analysts wrote in a note.
Elsewhere, Citi cut its price target for Tesla to $196 from $224 while maintaining a Neutral rating on the stock. Wells Fargo stated, “We see moderating delivery growth driven by lower demand and diminished return on price cuts.” Wells Fargo notes that price cuts remain a big risk for Tesla while they see moderating earnings growth ahead. They also highlight the concerns in China.
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