JPMorgan has a stark warning on Tesla stock

JPMorgan analyst Ryan Brinkman reiterated an Underweight on Tesla (TSLA.OQ) with a $145 price target — implying roughly 60% downside — after first-quarter delivery and energy storage misses. Tesla delivered 358,023 vehicles (below Bloomberg consensus and JPMorgan’s own forecast) despite producing 408,386, leaving a >50,000 unit gap. Energy storage deployments fell 15% year-over-year to 8.8 GWh, about 42% below JPMorgan’s model. Brinkman cut Q1 EPS to $0.30 (from $0.43) and 2026 EPS to $1.80 (from $2.00), both below consensus, and warned of execution, competition and brand risks. The note adds downside pressure to TSLA shares, which are down nearly 20% YTD, and raises stakes ahead of Tesla’s April 22 earnings, when investors will watch delivery guidance, storage ramp and robotaxi progress. Overall market impact is bearish for Tesla shares and raises downside risk relative to broader analyst sentiment.