Tesla Model 3 deliveries might be lower than previously expected in the first quarter, and slackening U.S. demand could be to blame, said Cowen analyst Jeff Osborne.
Wall Street research firm Cowen lowered its price target on Tesla from $200 to $180 on Friday, saying data suggests deliveries during the quarter could fall below expectations, even with Tesla's"typical end of quarter frantic push."
The Model 3 has been considered a key product for Tesla's push from niche electric automaker to a true mass market brand. For months Tesla struggled to ramp up production and is now working to improve its deliveries of the vehicle, which starts at a price of $35,000. "As a result of the start of Model 3 expansion into Europe and China, deliveries will be lower than production by about 10,000 units due to vehicle transit times to these markets," Tesla said in a letter to shareholders at the end of the fourth quarter of 2018.
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