Tesla ‘s massive 50% sell-off since December is nowhere near done as the electric vehicle company faces the possibility of a year of no growth, according to Wells Fargo. Analyst Colin Langan at the bank trimmed his 12-month price target nearly 4% to $130 from $135 on Friday and reiterated his underweight rating. His new forecast represents 46% downside from current levels for Tesla shares. The Street’s consensus price target on Tesla is $372. “We’ve been bearish on TSLA sales & margins since last year, and the fundamentals concerns were largely correct,” Langan said in a note to clients. “The > 40% YTD decline in TSLA’s Europe sales was likely a key catalyst in the recent correction, as its raises the prospects of another year of no growth. Recent protests & vandalism also add to concerns.” Tesla shares have been on a roller coaster ride since CEO Elon Musk went to Washington, D.C., to take on a major role in the second Trump White House. Tesla is on track to post its eighth straight weekly loss, its longest weekly decline since debuting on Nasdaq in 2010. TSLA YTD mountain Tesla shares in 2025. Tesla has been grappling with sharp drops in vehicle registrations in several European markets where Musk has become a political lightning rod after backing Germany’s far right AfD party in recent national elections. Tesla’s sales in Europe in January plunged 45% . “Despite the 40% YTD decline, we still see > 40% downside. Many investors previously expected weaker profits, but were reluctant to fight positive momentum,” Langan said. “If fundamentals matter, the momentum likely turns negative as consensus estimates fall.” Wells Fargo joins other Wall Street analysts who have turned their back on Tesla. UBS and Redburn Atlantic both recently reiterated sell ratings on Tesla shares.
