$TSLA - PIPER SANDLER CUTS TARGET PRICE TO $400 FROM $450 Q1 deliveries (337k) missed estimates (378k), likely pushing gross margins to multi-year lows. With no specs or pricing yet for "Model 2", near-term delivery growth looks limited. We're cutting our estimates and lowering the price target to $400 (from $450). Near-term view is bearish, but big-picture catalysts (like new models and robo-taxis) could spark a strong rally. When that happens, we wouldn’t want to be underweight.