JPMorgan predicts Tesla stock to drop 48%

JPMorgan has lowered its price target for Tesla from $135 to $120, predicting a nearly 48% drop in the stock. This change comes amid growing controversies surrounding CEO Elon Musk and rising boycotts against the brand. Analyst Ryan Brinkman revised Tesla's first-quarter sales estimate to about 355,000 vehicles, down from 444,000. This represents an 8% year-over-year decline and a 28% drop from the previous quarter. Tesla shares have fallen over 5% this week and 15% in March, contributing to a 38% decline year-to-date. The situation is marked by protests and vandalism affecting Tesla vehicles and locations globally.