Citi analysts revised Tesla’s (NASDAQ:TSLA) price target down to $196 from $224 while keeping their Neutral rating. The analysts adjusted forecasts in anticipation of Tesla’s Q1 delivery announcement, reducing the delivery expectation to 429.9k units from 473.3k.

The analysts reference earlier comments on the challenging outlook for the first quarter due to optimistic consensus predictions. Despite a downward trend in consensus estimates, recent March data points have been underwhelming. With investor expectations for first-quarter deliveries possibly in the low 400,000s—significantly below the analyst consensus of 460,000 to 470,000, which is decreasing—the analysts believe the projections for both 2024 and 2025 might still be overly optimistic.

The analysts maintained a wait-and-see approach for a more favorable entry point into the stock, adjusting the price target in light of revised estimates.

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