TSLA: MIZUHO CUTS TARGET PRICE TO 430 FROM 515 🔸 Lowered '25E/'26E delivery estimates from 2.3M/2.9M to 1.8M/2.3M (consensus: 2.0M/2.3M). 🔸 Feb '25 sales underperformed: US: -2% Y/Y (market +16%). China: -49% Y/Y (market +85%). Germany: -76% Y/Y (market +31%). 🔸 Key issues: Geopolitical tensions, weaker brand perception (US/EU), rising competition (China), and soft Model Y demand. 🔸 TSLA remains a leader in EV/AV markets, but PT lowered from 515 to 430.