Why Tesla Stock Is Down Today

This article first appeared on GuruFocus.

Tesla (NASDAQ:TSLA) shares fell about 2% on Monday after JPMorgan reiterated an Underweight rating and a $145 price target on the electric vehicle maker.

The company delivered 358,000 vehicles in the first quarter of 2026, missing the Bloomberg consensus estimate of 372,000 and falling 7% below JPMorgan’s forecast of 385,000. Energy storage installations totaled 8.8 gigawatt-hours, a unit of electrical capacity, down 15% from a year earlier, marking the first such decline since the second quarter of 2022.

JPMorgan lowered its first-quarter earnings per share estimate to 30 cents from 43 cents, below the Bloomberg consensus of 38 cents. The firm also reduced its full-year 2026 outlook to $1.80 per share from $2.00, trailing the consensus estimate of $1.95.

Tesla’s stock trades at a price-to-earnings ratio of 333, and JPMorgan sees about 60% downside to its December 2026 price target.