JPMorgan analyst Ryan Brinkman has reduced his price target for Tesla’s stock to $120 from $135, predicting a 48% decline in shares. This comes as the electric vehicle maker faces criticism over CEO Elon Musk’s political activities and a slow start to 2025. Brinkman now estimates first-quarter sales at around 355,000, down 8% year-over-year and 28% on a quarterly basis. Reports of vandalism and arson attacks have also been reported across Tesla vehicles, dealerships, and charging stations.
The analyst notes that this is unprecedented in the automotive industry’s history, with a brand losing so much value so quickly. While similar boycotts occurred during tense foreign relations between Japan and Korea in 2012 and 2017, the damage to Tesla sales is not limited to any one nation or geography. As a result, Tesla shares have lost over 5% for the week and 15% in March alone, bringing its year-to-date decline to 38%.
Source: https://www.cnbc.com/2025/03/12/jpmorgan-cuts-tesla-price-target-sees-stock-getting-slashed-in-half.html