J.P. Morgan lowers Tesla's second-quarter delivery forecast.

According to Bloomberg, JPMorgan analyst Rajat Gupta has lowered his estimate for Tesla's second-quarter vehicle deliveries from 430,500 units to 420,000 units due to mixed signals in recent electric vehicle demand.

As a result of the lowered delivery expectations, Gupta has also reduced his forecast for Tesla's second-quarter earnings per share (EPS) from $0.44 to $0.42, and his full-year 2026 EPS estimate from $1.95 to $1.90.

Regarding electric vehicle demand, JPMorgan pointed out that the European market remains a highlight, while demand in the U.S. market is relatively weak year-on-year as purchase incentives are gradually phased out. Gupta said:

“In the U.S. market, there is almost no evidence that rising oil prices have had a material boosting effect on electric vehicle demand.”

JPMorgan maintains a "Neutral" rating on Tesla, with a target price of $475.

On Wednesday, Tesla's shares fell 1.82% during U.S. trading hours.

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