A number of Wall Street analysts are cutting their price targets on Tesla (TSLA) shares after the EV maker reported disappointing first quarter delivery numbers.

Guggenheim analyst Ron Jewsikow said in a note that he is "far more confident in negative catalysts" for Tesla "such as y/y declines in deliveries, structural risks to the China outlook and risks posed by the current political cycle." Jewsikow maintained his Sell rating on the stock but cut his price target to $122 from $132.

Truist analysts cut their price target on Tesla to $176 from $193 while maintaining their Hold rating on the stock. They say the next positive catalyst for the stock would be the unveiling of a next-gen vehicle.

In the video above, Yahoo Finance's Seana Smith and Brad Smith break down the analyst calls.

For more expert insight and the latest market action, click here to watch this full episode of Morning Brief.

Editor's note: This article was written by Stephanie Mikulich

Video Transcript

SEANA SMITH: All right, well, let's get to another stock that's under some pressure, and that's Tesla, shares down once again this morning. Wall Street becoming a bit more bearish on the EV company. Guggenheim and Truist both cutting their price targets this morning, now, this coming on the heels of a big first quarter of deliveries and production miss. So far this year, the stock down over 30%, among the worst performers within the S&P.

A number of reasons that Guggenheim laid out. They said that they are far more confident in negative catalysts, such as those year over year declines in deliveries, structural risks to the China outlook, and also risks posed by the current political cycle, which I thought was interesting to bring up as well. And these two teams here, Guggenheim and Truist, far from the only ones that are raising some concerns. Dan Ives over at Wedbush was out with a note yesterday highlighting some of the concerns that he has for Tesla in the near term and that the pressure is on Elon Musk to turn it around.