The Globe and Mail reports in its Thursday edition that Wells Fargo's Colin Langan has lowered his recommendation for Tesla to "underweight" from "equal weight." The Globe's Darcy Keith writes that Mr. Langan clobbered his share target back by $25 to $200 (all figures U.S.). He says Tesla "ain't looking so magnificent." Mr. Langdon expects Tesla's sales volumes to be disappointing due to recent price cuts that have hurt demand. Tesla's premium price to earnings is at risk compared with other stocks referred to as the Magnificent Seven. Mr. Langan adds in a note: "We see headwinds from disappointing deliveries and more price cuts, which likely drive negative EPS revisions. Our 2024 and 2025 EPS estimates are 32 per cent and 52 per cent below consensus, respectively. Model Two economics are likely tough as a mass market compact vehicle. Tesla already trades at about 58x consensus '24 EPS and about nine times our estimate, a premium to Mag Seven peers at 31 times. ... Tesla's growth in core markets has moderated with EU and China flattish in the last twelve months and the U.S. down since Q2. ... In the wake of price cuts are lower lease residuals, disgruntled customers and the possible loss of the luxury brand premium."