Tesla's first-quarter deliveries in 2024 significantly missed expectations, with the company delivering 386,783 vehicles, a -20% QoQ and -9% YoY decline, against Wall Street's expectations of >430K. This shortfall led to a sharp -6% drop in its stock price and a decrease in market valuation to $529bn. Analysts from Bernstein and Morgan Stanley highlighted the challenges, including supply-side issues and a slowdown in demand within a competitive EV market. Bernstein revised its EPS forecast for FY 24 from nearly $7 in late 2022 to approximately $2 now. As a result, firms like TD Cowen and Baird adjusted their price targets for Tesla to $160 (from $180) and $280 (from $300), respectively. Despite these challenges, some analysts remain optimistic about Tesla's long-term prospects.