Shares of Tesla (TSLA -9.43%) are sliding on Friday. The electric vehicle maker’s stock lost 10% as of 1:30 p.m. ET and was down as much as 11.7% earlier in the day. The decline comes as the S&P 500 and Nasdaq Composite both lost more than 5%.
As the escalating trade war hammers markets, Tesla received a bearish adjustment from a key analyst who said Tesla has suffered “unprecedented brand damage” due to CEO Elon Musk’s involvement in politics.
J.P. Morgan slashes earnings estimates
J.P. Morgan analyst Ryan Brinkman cut his first-quarter earnings estimate, lowering it from $0.40 per share to $0.36 per share. Brinkman also lowered his full-year projection to $2.30 per share. The Wall Street consensus is $2.70.
Brinkman cited Tesla’s announcement just days ago that it had delivered just 336,681 units in Q1, making it the worst quarter for deliveries since 2022. He believes this confirms the narrative…
