Tesla shares close down 12% after automaker warns of slowdown

January 26, 2024

For most of the day, the stock was headed for its steepest decline since 2020, but narrowly averted that distinction at the close. Tesla shares closed down 12% Thursday, their biggest drop in over a year, a day after the company reported earnings that missed expectations and warned of a slowdown in 2024. Adding pressure on Tesla's stock, various brokers reduced their price target for the company, with Barclays cutting its price target from $250 to $225. RBC analysts lowered their price target from $300 to $297. Canaccord Genuity said in a note on Wednesday that it has also taken down its price target to $234 from $267.