Tesla has dropped out of the "Top Ten of the S&P", even the loyal fans at Goldman Sachs have lowered their target price, warning of a possible loss this year.

Earlier this year, Tesla's stock slipped out of the top 7 and now it can't even make it into the top 10 of the Pro UltrPro Shrt S&Pro 500.

In overnight trading, Tesla's stock price closed down 2.3% at $176.54, while the S&P 500 index rose by 0.5% and 0.6% respectively. Over the past three days, Tesla's valuation has dropped by about 13%, marking its worst three-day performance since October 20, 2023.

Currently, Tesla's market value is around $553 billion, falling out of the top ten market cap components of the Pro UltrPro Shrt S&Pro 500 for the first time since January 2023.

Earlier this week, Tesla also faced a target price downgrade from its top fan, Morgan Stanley.

Due to concerns about losses, Morgan Stanley analyst Adam Jonas lowered Tesla's target price from $345 to $320. However, this remains one of the most optimistic target prices on Wall Street.

Jonas pointed out that the demand for electric vehicles continues to slow down, with global rental giant Hertz and other operators dumping electric vehicles, while plug-in hybrids show stronger momentum... These factors have put pressure on Tesla's product lineup, which is "relatively aging."

Jonas is worried that Tesla's automotive business GAAP EBIT (earnings before interest and taxes) may turn negative in 2024 and has lowered expectations for key Tesla metrics:

The forecast for electric vehicle sales in 2024 has been lowered to below 2 million units, with a year-on-year growth of around 10%, lower than Wall Street's forecast of 2.1 million units;

GAAP operating profit margin is reduced from the forecast of 5.9% for the 2024 fiscal year to 3.7%;

GAAP earnings per share for the 2024 fiscal year have been lowered from $1.54 to $0.99; non-GAAP earnings per share have been reduced from $2.04 to $1.51.

Wall Street has always been concerned about Tesla's delivery issues, and this concern has escalated after the German factory was set on fire by "eco-terrorists" causing a production halt.

According to the latest report from Bloomberg, production of Model Y at Tesla's Gruenheide super factory in Germany has been suspended for the second consecutive day. The factory typically produces 6,000 Model Y vehicles per week, which could lead to lower vehicle delivery expectations for this quarter.In the latest report, Baird Equity Research analyst Ben Kallo emphasized the need to lower Tesla's quarterly car delivery volume forecast. He expects Tesla to deliver around 421,100 cars in the first quarter, which is 67,900 fewer than the overall Wall Street expectations.