In addition to a third-quarter miss, Deutsche Bank sees "meaningful downside risk" to Tesla 's 2024 consensus expectations due to limited volume growth next year.
Analyst Emmanuel Rosner cut his price target on the stock by $15 to $285, which suggests shares can gain 16.7% from Tuesday's closing price.
"We see near term risk from weaker fundamentals into 2024," Rosner said in a Tuesday note.
Despite its stock price boom, Rosner isn't too confident about Tesla's prospects going forward.
The analyst lowered his third-quarter revenue forecast to $23.3 billion on lower volume expectations, down from $24.1 billion.
Persons:
Tesla, Emmanuel Rosner, Rosner, Rosner isn't, — CNBC's Michael Bloom
Organizations:
Deutsche Bank, Barclays
Locations:
4Q23, China