Analysts at Cowen on Friday lowered their price target on Tesla Inc.
TSLA, -3.46% shares to $180, from $200, on “likely softer deliveries” in the first quarter, the company’s recent price changes, and margin pressure, they said. “It is too early to call the sustainable demand rate for the Model 3 in Europe and China, we expect demand in the U.S. to be soft until the release of the low margin ($35,000) model in 2Q,” the Cowen analysts, led by Jeffrey Osborne. “Management will likely attribute the likely delivery miss to vehicles in transit to Europe and China, but we believe low demand in the U.S. is also a factor,” they said of first-quarter deliveries. Tesla shares fell 1.6% on Friday and are down 20% in the past 12 months, which contrasts with gains around 6% for the S&P 500 index. SPX, -1.90%