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Tesla stock sell rating affirmed, price target at $23.53 on weak demand

March 26, 2024

Tuesday, GLJ Research maintained a Sell rating on Tesla shares (NASDAQ:TSLA) with a price target of $23.53, revising down its Q1 delivery estimates due to softening demand in China and the United States, coupled with sluggish European sales in recent times.

The research firm highlighted Tesla’s valuation, which exceeds the combined worth of Toyota (NYSE:TM) and BYD (SZ:002594), despite Tesla selling only 16% of the vehicles these companies did over the last twelve months.