Tesla stock is set to extend a bounce despite two more price targets as analysts slash delivery and earnings estimates.

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.

After weeks of downturns on Tesla J.P. Morgan has lowered its price target on Tesla’s stock. This is mainly because the company thinks that fewer cars will be delivered for the second year in a row. Analysts also say that current and possibly new customers are feeling differently about the electric vehicle maker.