$TSLA: Bernstein Cuts target price to $120 from $150
❖ "Quarter to date, Tesla has experienced soft China/Europe demand and constrained US Model 3 production.
We are lowering our Q1 forecast from 490k to 426k units (up 1% YoY), and our FY 24 units from 2.12 to 1.98M (cons. at 468k for Q1 and 2.06M).
❖ We also introducing a FY 25 EPS estimate of $2.22 (vs. consensus of $3.69). We are lowering our FY 24 GAAP EPS from $2.31 to $2.06 vs. consensus of $2.63. We note that consensus FY 24 earnings have now declined ~60% from ~$6.53 in Oct 22. We are also introducing a FY 25 forecast of 2.18M units and EPS of $2.22, vs. consensus of 2.41 units and EPS of $3.69
