Expert sets next TSLA stock price target after Tesla ‘catastrophic earnings report'

Group 1 - Tesla recorded disappointing results in Q2, with a more than 40% decline in profit compared to the previous year, leading to a significant stock price drop [1] - The adjusted income for the quarter was $1.8 billion, or 52 cents per share, which fell short of analysts' expectations of 61 cents per share and was significantly lower than the 91 cents per share earned a year earlier [1] - As of the latest report, Tesla's stock was valued at $219, with daily losses exceeding 10% and a weekly decline of over 12% [1] Group 2 - Analysts at CyclesFan described the recent earnings report as "catastrophic" and predicted a short-term low for TSLA around the 50% Fibonacci retracement level of approximately $205 [2] - The stock peaked at around $271 in mid-July before the earnings report, which triggered a significant decline [2] - The 38.2% retracement level at $220.50 provided some support initially, but bearish sentiment may push the stock lower, with the next target being the 50% retracement at $204.99 [4] Group 3 - Tesla warned that the vehicle volume growth rate in 2024 may be notably lower than the growth rate achieved in 2023, indicating a challenging outlook [5] - The stock's future trajectory will largely depend on the recovery of the EV market, with Tesla expected to benefit as a leader in the sector [5]