Tesla price target lowered to $345 from $420 at Deutsche Bank

Deutsche Bank lowered the firm’s price target on Tesla (TSLA) to $345 from $420 and keeps a Buy rating on the shares. Ahead of the company’s Q1 deliveries, the firm reset its auto volume expectations for the quarter, full year, and 2026 based on weaker demand trends and a slower Model Q launch cadence. For Q1, Deutsche’s data tracking points to deliveries of 340,000-350,000, which likely means auto margin will also be under greater pressure, the analyst tells investors in a research note. For the full year, the firm now models Tesla’s deliveries declining 5% year-over-year to 1.7M, assuming a staggered Model Q rollout starting in the U.S., then Europe and then China. The shares have been under pressure, driven by much weaker auto volumes, a broader de-rating in growth assets, and political uncertainty, contends Deutsche Bank. “Rarely anything at Tesla happens in a straight line and we would not expect robotaxi or humanoid to be linear,” the firm adds.