Baird analyst Ben Kallo, known for his bullish stance on Tesla $TSLA, predicts a potential decline in Q2 vehicle deliveries, estimating a 5% year-over-year decrease to 444.5K vehicles.
Baird has revised its full-year 2024 delivery forecast to 1,838K, indicating a modest 2% year-over-year increase.
Kallo highlights a worsened demand environment for Tesla, potentially leading to further price cuts and 0% financing offers in China.
Baird’s estimation for Q2 2024 deliveries stands at 444,510 vehicles, which is below the consensus of about 498,000 and lower than the year-ago deliveries of around 466,000.
Baird’s estimates for Q3 (481,920 deliveries) and Q4 (525,130 deliveries) also fall below consensus expectations.
Despite the downward revisions, Baird maintains its $280 price target for Tesla.
Goldman Sachs has adjusted its Tesla price target downward to $175 from $190, maintaining a neutral stance.
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