Tesla down after UBS cuts Q1 delivery forecast, PT

Tesla TSLA.O falls ~3% to $254.50 premarket

UBS cuts Q1 FY25 delivery forecast to 367,000 units from 437,000 units, citing low delivery times for Model 3 and Model Y in key markets, indicating softer demand

Retains "sell" rating; cuts PT to $225 from $259, a 14% downside to Friday's close

Says, "We believe the current "run-rate" may be slower, but are counting on an end-of-quarter push, potentially driven by more promotional activity"

Of 51 brokerages covering stock, 26 rate it "buy" or higher; median PT is $370, per data compiled by LSEG

As of last close, TSLA down 35% YTD