Daiwa analyst Jairam Nathan lowered the firm's price target on Tesla to $800 from $1,150 and keeps an Outperform rating on the shares.

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The analyst cut 2022 and 2023 earnings estimates to reflect the lockdowns in Shanghai and supply chain concerns impacting ramp-up of Austin and Berlin plants. He now expects Tesla's 2022 deliveries to total 1.2M units, compared to 1.4M prior, assuming just over 100,000 units lost in Shanghai and another 80,000 units in the slower ramps at Austin and Berlin. He expect deliveries to grow 46% in 2023 towards 1.8M units. Nathan views the lockdown impact as transitory and says accelerating electric vehicle penetration supports his thesis on Tesla (TSLA) shares.