Morgan Stanley analyst Adam Jonas trimmed his price target on Tesla shares, citing weak auto deliveries. Jonas reduced his target to $410 from $430 per share, which still implies shares climbing 73.5% from Thursday’s close. He remained overweight on the name and kept it a “top pick,” however. The analyst cut his first-quarter delivery estimates to 351,000, down more than 9% on a year-over-year basis. That compares to his earlier call for 415,000 deliveries — which would’ve reflected an increase of more than 7% from the year-ago period. Jonas also sees deliveries for the full year declining by about 10% from the prior year, versus an increase of nearly 8%. TSLA YTD mountain Tesla shares in 2025 “We lower Tesla’s auto deliveries for both the first quarter and the full year driven by competition, an aging lineup and a buyers’ strike from negative brand sentiment and upcoming new product,” he wrote in an analyst note on Thursday. Indeed, the Tesla brand has been under fire since CEO Elon Musk has kicked off his controversial activities in U.S. politics, most notably his role in President Donald Trump’s Department of Government Efficiency. There have been recent reports of vandalized Tesla vehicles and dealerships. Investor sentiment has turned more negative compared to the more bullish start to the year, per Jonas. Around one-fifth of investors polled by Morgan Stanley forecast Tesla deliveries will fall by more than 10% year over year, the analyst said. As of Thursday’s close, the electric vehicle stock is on track for a ninth consecutive losing week , and shares are off more than 41% in 2025. —CNBC’s Michael Bloom contributed to this report.
