Tesla stock has fallen 20% year-to-date in 2026, with the company reporting a Q1 delivery miss and the largest single-quarter inventory build in company history. JPMorgan analyst Ryan Brinkman has reiterated his Underweight rating and maintained a $145 price target, suggesting another 60% downside from where TSLA trades today. The firm reported a 50,363-unit gap between its production-over-delivery spread in Q1 2026 and its delivery volume was the largest in the company's history, indicating a clear inventory signal. Brinkeman also cut his Q1 EPS estimate to $0.30 from $0.,43, and trimmed his full-year 2026 EPS forecast to $1.80 from $2.00, which he believes represents a 60% decrease from current trading levels. The company's automotive business is the only part of Tesla that generates cash.