Wedbush drops Tesla price target amid “epic disaster” lockdowns in Shanghai


Source: teslarati.com teslarati.com

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Wedbush analyst Dan Ives opted to lower his price target for American electric vehicle maker Tesla from his previous $1,400 per share to a still-optimistic but more conservative $1,000 per share. Ives cited headwinds in China as a driver for his updated estimates. The analyst noted that the current lockdowns in Shanghai are an “epic disaster” for the second quarter. And considering that China is still in the middle of battling the pandemic , Ives noted that Tesla would likely record “modest delivery softness this quarter with slower growth trajectory in the key China region into the 2H.” The Wedbush...