Tesla's sales decline linked to increased Model Y wait times

Tesla's sales are facing challenges, with not much blame placed on CEO Elon Musk's political actions. Analyst Alexander Potter from Piper Sandler shared his views in a note to clients on Monday. He pointed out that long wait times for the Model Y vehicle are mainly responsible for expected delivery declines. Potter stated that while Musk's political moves may not help demand, the real issue lies in supply chain problems. Specifically, he mentioned factory shutdowns that affect Model Y production. This means Tesla is likely to miss its delivery targets for the first quarter. Despite the difficulties, Potter remains positive about Tesla's future. He believes new products are on the way, including a self-driving taxi expected to launch soon. He maintained an "overweight" rating on Tesla stock, setting a price target of $450. This target suggests that shares could rise by more than 60% within a year. This comes during a tough time for Tesla, as its stock has dropped about 31% this year. Following Potter's comments, shares were down slightly on Tuesday. In addition, the FBI has started a task force to address recent threats to Tesla's brand.