Tesla (TSLA) shares have fallen over 30% so far in 2024, with several analysts cutting their price targets on the stock. Citi is the latest group to lower its price target, setting the figure at $180 per share from $196. The analyst behind the call, Citi Autos & Auto Parts Analyst Itay Michaeli, joins Yahoo Finance to discuss the challenges ahead for Tesla. Michaeli explains that the reduced price target reflects Tesla's first quarter delivery miss and other April data points. He explains that Tesla's challenges are the outcome of its own success over the years, having created a saturated effect on vehicle sales in certain regions, such as the US. "When you do have these levels of saturation, even price cuts don't do much to stimulate demand," Michaeli says. While these challenges are "solvable," the Citi analyst adds that the issues are having a bigger effect than expected on the automaker. On Tesla's robotaxi unveiling, Michaeli notes his appreciation for the company's focus on autonomous vehicles, calling autonomous driving the "most powerful mobility mega-trend out there." However, he outlines a scenario in which Tesla does not sufficiently discuss deployment challenges during the robotaxi's unveiling. #youtube #Tesla #news About Yahoo Finance: Yahoo Finance provides free stock ticker data, up-to-date news, portfolio management resources, comprehensive market data, advanced tools, and more information to help you manage your financial life. - Get the latest news and data at finance.yahoo.com - Download the Yahoo Finance app on Apple (https://apple.co/3Rten0R) or Android (https://bit.ly/3t8UnXO) - Follow Yahoo Finance on social: X: http://twitter.com/YahooFinance Instagram: https://www.instagram.com/yahoofinance/?hl=en TikTok: https://www.tiktok.com/@yahoofinance?lang=en Facebook: https://www.facebook.com/yahoofinance/ LinkedIn: https://www.linkedin.com/company/yahoo-finance