As Bernstein analyst Toni Sacconaghi wrote in a note to investors on Tuesday, 's (NASDAQ: TSLA) first-quarter deliveries were "brutal." Deliveries fell about 9% year over year and 20% sequentially.

These poor results likely have many investors reevaluating their investment theses on the stock. While some may excuse this lull in Tesla's sales in anticipation of a potential reacceleration in the electric-car company's vehicle-delivery trends in future quarters, others may conclude it's a reason to avoid the stock.

Sacconaghi was one of several analysts who, following the company's quarterly vehicle production and delivery report, pointed to a 12-month price target significantly below the stock's current price, even though shares have already dropped more than 30% in 2024. Specifically, the firm reiterated an underperform rating for the stock and a $120 12-month price target.

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Source Fool.com