Another analyst cut a target price for Tesla stock because car business fundamentals are “spoiling razzle-dazzle momentum.” The price target cuts are piling up. On Friday, Wells Fargo analyst Colin Langan cut his Tesla price target to $130 from $135.

Tesla (NASDAQ:TSLA – Free Report) had its price target lowered by Wells Fargo & Company from $135.00 to $130.00 in a research report sent to investors on Friday, Marketbeat.com reports. The brokerage currently has an underweight rating on the electric vehicle producer’s stock.

ARK Invest CEO Cathie Wood maintains her ambitious $2,600 price target for Tesla (NASDAQ:TSLA) by 2029—valuing the company at over $9 trillion—despite the stock’s near 41% decline since the beginning of the year.

Tesla shares edged higher in early Friday trading, but have lost nearly have of their value since mid-December, and a top Wall Street analyst suggests there could be more declines ahead tied to weakness in the group's core automaking business.

The Tesla stock price has imploded this year, erasing most of the gains made in 2024. TSLA crashed to a low of $220 on Monday, its lowest level since October last year, and down by over 55% from its highest level this year.