JPMorgan forecasts an even greater fall for Tesla shares amid rising boycotts and protests of the brand around the world. Analyst Ryan Brinkman cut his price target on the stock to $120 from $135, which implies shares plunging around 48% from Tuesday’s close. The outlook for deliveries and pricing looks difficult for the electric vehicle maker, Brinkman said, as CEO Elon Musk’s controversial political activities have sparked a wave of criticism . This comes on top of a slow start to 2025, per the analyst. Brinkman now sees Tesla’s first-quarter sales coming in at about 355,000, down from an earlier estimate of 444,000. That reflects an 8% decline year over year and a 28% plunge on a quarterly basis. Potential new buyers have staged boycotts of the brand in recent weeks. There have also been reports of vandalism and arson attacks across Tesla vehicles, dealerships and charging stations, according to NBC News . “We struggle to think of anything analogous in the history of the automotive industry, in which a brand has lost so much value so quickly,” Brinkman wrote in a note on Wednesday. While he noted that a similar example would be the boycott of Japanese and Korean vehicles in China during tense foreign relations in 2012 and 2017, respectively, “the damage in that case was confined to a single market, whereas the decline in Tesla sales in 2025 is not specific to any one nation or geography.” Tesla shares are down more than 5% week to date. In March alone, the stock has lost 15%, bringing its year-to-date decline to 38%. TSLA YTD mountain Tesla shares in 2025 — CNBC’s Michael Bloom contributed to this report.