RBC cuts Tesla's PT as competition intensifies; shares down
Shares of electric vehicle-maker Tesla TSLA.O down marginally in premarket trading
RBC believes concerns about co's demand are "overblown" but has lowered its PT due to reduced expectations for its full self-driving (FSD) pricing and robotaxi market share
Retains "outperform" rating; cuts PT to $320 from $440, a 25% upside to Monday's close
Brokerage notes, TSLA is losing market share in Europe and China due to intensifying competition from local EV manufacturers, prompting it to lower projections for these regions
Brokerage sees regulatory credits declining, primarily due to changes in EU CO2 regulations
The European Commission extended deadline for automakers to meet new CO2 emission targets to three years, with compliance based on average emissions from 2025 to 2027
Analysts' average rating is equivalent of "buy", with a median PT of $357.88 - data compiled by LSEG
TSLA down 41% vs Nasdaq Composite Index's .IXIC ~7.8% decrease YTD
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