Truist analyst William Stein lowered the firm’s price target on Tesla (TSLA) to $351 from $360 and keeps a Hold rating on the shares. The firm cites the company’s Q4 delivery and production figures coming in below consensus estimates and its own projections while also reflecting inventory burn with a lower production figure, the analyst tells investors in a research note. Truist’s pricing data also suggests that average sales prices for Tesla were down 0.5% sequentially, and the firm believes that prices will continue facing downward pressure as the company will continue to flex pricing to stimulate demand.
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