Canaccord Genuity slashes Tesla price target, citing potential delays in battery program

Tesla CEO Elon Musk speaks at a delivery ceremony for Tesla China-made Model 3 in Shanghai, east China, Jan. 7, 2020.
Ding Ting | Xinhua News Agency | Getty Images

Possible hiccups in Tesla's battery development have lowered the ceiling for the stock, according to investment firm Canaccord Genuity.

Elon Musk's auto company kicked off deliveries of its new Model S Plaid last week, but Tesla scrapped a higher price version.

In a note to clients, Canaccord analyst Jed Dorsheimer praised the Plaid but said the failed upgraded version could signal struggles for Tesla's battery business. Dorsheimer cut his price target on the stock to $812 per share from $974.