Tesla declined 2.5% Monday, extending losses after falling 5.4% Friday, as weak first-quarter delivery figures pressured shares.
The electric vehicle maker delivered 358,023 vehicles in the first quarter, missing analyst estimates of 372,160. The shortfall added to concerns about the company’s near-term performance.
Energy storage installations also disappointed, totaling 8.8 GWh, down 15% YoY, marking the first such decline since the second quarter of 2022. The figure came in 39% below company-compiled consensus expectations of 14.4 GWh.
JPMorgan analyst Ryan Brinkman, a long-time Tesla bear, reiterated an Underweight rating and $145 price target on the stock. The analyst lowered his earnings per share estimate for the first quarter from $0.43 to $0.30, below consensus of $0.38. His 2026 outlook was reduced from $2.00 to $1.80, compared to consensus of $1.95, while his 2027 estimate was cut from $2.45 to $2.25, versus consensus of $2.65.
"We continue to see large -60% downside to our $145 December 2026 price target and advise investors approach TSLA shares with a high degree of caution," Brinkman commented.
The analyst noted that first-quarter deliveries were 7% below his forecast of 385,000 vehicles and 74% below the 1.366 million vehicles consensus had expected at its peak on June 9, 2022.
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