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Tesla (NASDAQ:TSLA) stock is on the move Friday after the electric vehicle (EV) company’s shares were hit with a lowered price target from Citi analysts.
This latest update saw the firm drop its price target for TSLA stock from $196 per share to $180 per share. That’s still a potential 3% upside from the prior closing price for the shares. However, it’s below the analyst consensus price prediction of $198.81 per share.
Alongside that decreased price target comes a reiterated “neutral” rating for Tesla stock. That’s more bullish than the analyst consensus rating of reduce based on 32 opinions.
What’s Behind the TSLA Stock Price Target Cut?
Here’s what the Citi analysts had to say about Tesla in a note to clients obtained by CNBC:
“Given NT [near term] Tesla demand headwinds (in our view tied to product age, saturation), we still see more downside than upside to our NT estimates.”
TSLA stock is down 1.2% as of Friday morning after Citi lowered its price target for the shares. That comes alongside more than 27 million shares changing hands. This is still a far ways off from its daily average trading volume of about 102.8 million shares. TSLA is also down 30.7% since the start of the year.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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