JPMorgan analyst Ryan Brinkman has reduced Tesla's earnings estimates, citing strong backlash from car buyers against CEO Elon Musk. The company's first-quarter vehicle deliveries dipped below expectations at 336,681, the lowest since 2022. Brinkman noted profound damage to the Tesla brand and has revised earnings projections down to 36 cents per share, significantly below market expectations. The stock has experienced a steep decline of 44% since December 2022, reflecting negative consumer sentiment towards the company and Musk's controversial political presence. Analysts continue to reevaluate Tesla's overall market position following these developments.
One of Wall Street's most bearish Tesla Inc. analysts, Ryan Brinkman, has reduced earnings estimates due to significant car-buyer backlash against Elon Musk's actions.
Tesla's first-quarter vehicle deliveries were notably below estimated figures, leading analysts to rethink the extent of damage to the brand caused by Musk.
Brinkman has lowered his projections for Tesla's first-quarter earnings from previous estimates, indicating a drop to 36 cents a share, amidst significant brand damage.
Tesla's shares have seen a sharp decline of 44% since reaching a record high, underlining the recent impact of consumer backlash against the company's direction.
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