Goldman Sachs Cuts Tesla Price Target on Weaker Global Delivery Trends

Goldman Sachs trimmed its price target on Tesla (NASDAQ:TSLA) to $285 from $295, maintaining a Neutral stance amid signs of softening vehicle demand across key markets. The firm lowered its second-quarter delivery estimate to 365,000 units—down from a previous forecast of 410,000 and below the market consensus of 417,000.

The adjustment follows lackluster regional data: U.S. deliveries through May were down by mid-teens year-over-year, while April registrations in Europe fell roughly 50%. Early May figures also point to continued weakness. In China, growth was marginal on a sequential basis, but sales in April and May combined were still about 20% lower than a year ago.

Surveys from HundredX and Morning Consult indicated a drop in consumer sentiment toward Tesla, further justifying the revised projections. Goldman now expects Q2 deliveries to fall between 335,000 and 395,000, depending on how much Tesla leans on incentives in June. Lower EPS expectations have also been factored into the updated valuation.