April 21 - Tesla (TSLA, Financial) plunged nearly 7% on Monday morning, leading declines on the S&P 500, as investor jitters built ahead of the electric vehicle maker's first-quarter earnings report due Tuesday.
Analysts pointed to uncertainty around the long-promised robotaxi reveal in Austin and mounting questions about CEO Elon Musk's time split between Tesla and other ventures, including his work on the cryptocurrency Dogecoin. Wedbush Securities analyst Dan Ives flagged a “code red” scenario if Musk signals extended involvement with DOGE, citing reputational risks.
Separately, Reuters reported delays to Tesla's planned launch of a more affordable, U.S.-built version of the Model Y, which is now pushed back by several months.
Barclays cut its price target on Tesla to $275 from $310, maintaining an "Equal Weight" rating. The firm pointed to softening fundamentals but said investor focus could shift if the company delivers a strong narrative during its earnings call.
Analyst expectations for Tesla's 2025 deliveries have already dropped to 1.65 million, down from over 2 million. The company also risks missing internal targets for a second straight year. Investors will be watching for updates on the timing of its low-cost EV and rollout of its Full Self-Driving system.
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