Tesla stock falls after Daiwa Capital cuts price target and EPS, delivery estimates

This replaces an earlier item that incorrectly reported the previous 2022 EPS estimate. It has been corrected.

Shares of Tesla Inc. dropped 3.0% in premarket trading Tuesday, after Daiwa Capital analyst Jairam Nathan reiterated his outperform rating on the electric vehicle maker but cut his price target to $800 from $1,150, citing COVID-19-related lockdowns in Shanghai and supply chain concerns impacting the ramp-up of its Austin and Berlin plants. He also cut his 2022 earnings per share... This replaces an earlier item that incorrectly reported the previous 2022 EPS estimate. It has been corrected.

Shares of Tesla Inc. TSLA dropped 3.0% in premarket trading Tuesday, after Daiwa Capital analyst Jairam Nathan reiterated his outperform rating on the electric vehicle maker but cut his price target to $800 from $1,150, citing COVID-19-related lockdowns in Shanghai and supply chain concerns impacting the ramp-up of its Austin and Berlin plants. He also cut his 2022 earnings per share estimate to $9.30 from $12.00, compared with the FactSet consensus of $12.

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