Goldman Sachs analyst David Tamberrino noted that Tesla shares have recently been bouncing back amid optimism about near-term deliveries. While he thinks Q2 should be fine and the company is likely to achieve volumes near consensus forecasts, he thinks volume estimates for the second half of the year and beyond look high considering he sees fewer levers left for the company to pull given that Tesla has already released lower priced Model 3 variants, introduced leasing and right-hand drive orders have started. Additionally, another step-down in the U.S. federal tax credit for Tesla vehicles is coming on July 1, Tamberrino noted. He continues to see the company achieving below 1M total units as his base case by 2025, noted the analyst, who keeps a Sell rating on Tesla and lowered his price target on the stock to $158 from $200 as he sees lower odds that the company hits his upside volume scenarios. Tamberrino expects Tesla shares to get back to being on a downward path as it becomes clearer that sustainable demand is below expectations, he concluded.

Says it may still take three years for automaker to integrate Tesla AI technology into its model

Elon Musk says: "Regarding FSD Version 12, which is the pure AI-based self-driving, if you haven't experienced this, I strongly urge you to try it out, it's profound. And the rate of improvement is rapid. And we've now turned that on for all cars with the cameras and inference computer everything from Hardware 3 on in North America. So it's been pushed out to, I think, around 1.8 million vehicles, and we're seeing about half of people use it so far and that percentage is increasing with each passing week."

Check out this evening's top movers from around Wall Street, compiled by The Fly. HIGHER AFTER EARNINGSAudioEye (AEYE) up... To see the rest of the story go to thefly.com. See Story Here

Tesla (TSLA) is expected to report results on its fiscal first quarter on Tuesday, April 23, with a conference call scheduled for 5:30 pm EDT. What to watch... To see the rest of the story go to thefly.com. See Story Here

Wells Fargo lowered the firm's price target on On Semiconductor (ON) to $95 from $110 and keeps an Overweight rating on the shares ahead of quarterly results. The firm anticipates On to deliver a Q2 guide slightly below expectations as it adjusts to Tesla-specific (TSLA) production softness specific to image sensor and SiC sales.