Piper Sandler analyst Alexander Potter lowered the firm’s price target on Tesla (TSLA) to $450 from $500 and keeps an Overweight rating on the shares. Tesla shares are now back to their pre-election valuation, but nothing has changed regarding the company’s ability to remake the world’s transportation and energy markets. However, Piper cut its 2025 delivery expectations and says Tesla’s quarter-to-date trends may prompt others to follow suit. It does not think politics are entirely to blame. Rather, factory shutdowns and the Model Y changeover are the primary cause of lower deliveries, according to the firm. Piper notes the price target has no contribution from humanoid robots or artificial intelligence-as-a-service. In other words, at $234 per share, Tesla is “cheap” based solely on autos, energy, and full-self-driving.
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