Goldman Sachs has lowered its price target for Tesla (TSLA) from $345 to $320, maintaining a neutral rating on the stock. The company cites weaker-than-expected delivery trends in key markets, including China, Europe, and the U.S., as the main reason for this adjustment. The revised forecast is also based on broader demand trends and insights from consumer surveys conducted by HundredX.
While Goldman Sachs acknowledges the improvements made in Tesla’s Full Self-Driving (FSD) version 13, which could lead to better monetization opportunities in the U.S. over the long term, they point out that the company may face challenges in China. In the Chinese market, several competitors are already offering hands-free advanced driver-assistance systems (ADAS) without requiring additional software purchases. This could hinder Tesla’s ability to generate revenue from its FSD features, especially if it continues to require driver supervision in those regions.
Analyst Mark Delaney emphasized that despite the improvements in FSD, Tesla will need to compete with these local alternatives, which could make it harder for the company to fully capitalize on its FSD technology, particularly in China.
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