J.P. Morgan reiterates Underweight on Tesla, citing record unsold EV inventory and weakening free cash flow prospects.
1Q26 deliveries fell to 358,000 units, about 4% below Bloomberg consensus and 7% under Tesla’s own forecast.
Tesla’s energy storage installations dropped 15% YoY to 8.8 GWh, missing the 14.4 GWh consensus by roughly 40%.
J.P. Morgan cut its 1Q26 EPS estimate to $0.30 and lowered full‑year 2026 earnings outlook to $1.80 from $2.00.