Truist analyst William Stein lowered the firm's price target on Tesla to $400 from $438 and keeps a Hold rating on the shares. Tesla reported Q1 deliveries of 358k units, below both consensus and expectations, with energy storage deployments also missing estimates, and provided no updates on key AI initiatives or new vehicles, the analyst tells investors in a research note. While near-term results disappointed, the greater long-term focus remains on AI developments-particularly Full Self-Driving, which are seen as more critical to future cash generation and stock performance than auto deliveries, the firm says.
