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Why Tesla Stock Hit the Brakes Today

TheMotleyFool

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Why Tesla Stock Hit the Brakes TodayPhoto, wide shot, wide-angle lens, Private equity firm, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by Edward Burtynsky: https://img.theapi.app/temp/2b695cca-48cb-4195-802a-e3385fb90ec0.png

Shares of Tesla (NASDAQ: TSLA) were falling Tuesday after Deutsche Bank analyst Emmanuel Rosner cut his price target for the stock. Rosner thinks Tesla's second-quarter vehicle delivery numbers -- which will be reported at the beginning of July -- will be lower than previously expected.

Investors apparently didn't like what Rosner had to say, and drove the EV stock down by 4.6% as of 2:18 p.m. ET.

Rosner lowered his price target for Tesla's shares to $1,125, down from $1,250, but maintained his buy rating on them. More importantly, he also cut his vehicle delivery estimate for the second quarter to 245,000 -- down from his previous estimate of 310,000 vehicles.

Source Fool.com

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