News Snapshot:
Credit Suisse on Friday reduced its Tesla target price, pointing to a potential shortfall in second- quarter deliveries as the company's suppliers recover from Covid shutdowns in Shanghai . The firm lowered its target to $1,000 from $1,025, citing increased competition, poor execution on growth plans, disruptions from Covid-19 restrictions and input cost inflation. "We expect Tesla 2Q '22 deliveries of 242k vs. sell-side consensus of ~280k, largely driven by the Shanghai COVID shutdown," analyst Dan Levy said in a note Friday. "Moreover, given the lower deliveries outlook, the associated margin impact, and an expected Bitcoin impairment, we reduce our...
