The analysts also explained that “Tesla appears to have the most to lose” among car companies in the U.S. from the “shifting regulatory backdrop,” referring to Trump’s potential rollback of electric vehicle tax credits.

In a new report issued Sunday, Mizuho analysts, led by Vijay Rakesh, revised their Tesla price target downward by $85 to $430, citing deteriorating demand. The firm also cut its 2025 vehicle delivery forecast from 2.3 million to 1.8 million, a 22% reduction that falls below the broader market consensus of 2 million deliveries.