Tesla's earnings could be hit further from weaker margins as the company continues to push for higher production, according to Goldman Sachs.
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.
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