Tesla Inc TSLA shares are trading lower Tuesday following bearish analyst coverage from JPMorgan.
JPMorgan analyst Ryan Brinkman maintained Tesla with an Underweight rating and lowered the price target from $395 to $385, citing weaker-than-expected deliveries.
The JPMorgan analyst lowered earnings estimates after Tesla reported quarterly deliveries of 254,695 vehicles over the weekend, which was down from the previous quarter. However, the EV company noted that production accelerated in June, marking its highest production month in history.
Tesla shares may also be trading lower following reports the company will temporarily halt production in Gigafactory Berlin for upgrades. Tesla reportedly aims to improve speed and quality in its manufacturing process.
Related Link: Tesla Said To Be Pausing Giga Berlin Production For 2 Weeks: What's Going On?
TSLA Price Action: Tesla has traded between $1,243.49 and $620.46 over a 52-week period.
The stock was down 1.81% at $669.48 at press time, according to data from Benzinga Pro.
Photo: courtesy of Tesla.
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