BUZZ-Goldman Sachs cuts Tesla's earnings estimate due to lower selling prices

** Goldman Sachs cuts Tesla’s (TSLA.O) earnings estimate for 2023 and 2024, citing lower average selling prices and in turn auto gross margin

** GS cuts ²⁰²³⁄₂₀₂₄ EPS estimates to $2.90/$4.15 from $3.00/$4.25 previously forecast

** “We believe that Tesla could further lower prices in 2024 to support higher volumes which we believe will mitigate the EPS benefit from cost reductions,” GS strategists led by Mark Delaney said in a note

** GS also cuts Q3 volume estimate to 460,000 to better reflect what it believes is lower S/X demand and impact of changeover for the Model 3 Highland

** GS has a neutral rating and holds PT at $275

** Stock down 2.4% at $267.71