's (NASDAQ: TSLA) highly anticipated second-quarter earnings report landed with a thud for investors and some analysts. After the leading electric vehicle (EV) manufacturer announced a surprisingly high 444,000 vehicles were delivered in the three-month period, investors thought the subsequent earnings announcement would also surprise to the upside.

However, profit margins continued to drop due to increased competition and price cuts. That led Citigroup analyst Itay Michaeli to lower his firm's price target on the stock from $274 to $258 per share. However, that still implies a nearly 20% gain after Tesla shares sank in response to the quarterly report.

Continue reading

Source Fool.com