Tesla shares declined Thursday, following a price cut by Goldman Sachs analysts.
Goldman analyst David Tamberrino slashed his 12-month price target on Tesla to $158.00 from $200.00 while maintaining a "sell" rating for the electric carmaker’s stock.
Tamberrino indicated that the current quarter’s car deliveries could meet market forecasts, but estimates for the second half of the year look stretched. He feels that there are fewer levers (such as lower prices and leasing options) to use for stimulating demand going forward.
Earlier this month, Tesla founder and CEO Elon Musk said there was a "decent chance" of a blockbuster quarter, which could include deliveries of between 90,000 and 100,000 clean-energy cars. According to Musk, sales had "far exceeded" production over the three months that will end later this month. He hopes to add the Model Y SUV to the company’s line-up later this year.
Tesla’s stock price fell close to -3.4% Thursday.