More price cuts could hinder Tesla's earnings, according to Goldman Sachs. The firm lowered 2023 and 2024 full-year adjusted earnings per share estimates on the premier electric vehicle maker in a Sunday note, while reiterating a neutral rating and a $275 per share price target. Goldman's forecast equates to less than 1% upside from Friday's $274.39 close. Tesla stock has surged more than 122% from the start of the year.
mountain Tesla stock from the start of 2023. Analyst Mark Delaney now forecasts $2.90 and $$4.15 per share the remainder of 2023 and into 2024, down from $3 and $4.25, respectively. The analyst attributed the downgrade to Tesla's drive for higher production, which he says will continue to hit gross margins before accounting for vehicle incentives and tax credits.