BofA Securities commented in a report that Tesla (TSLA.US) shares have been under significant pressure since the beginning of the year. This is due to weak electric vehicle fundamentals and investor sentiment around the theme of electrification. However, these headwinds were well known and seemed to be reflected in the stock's price. The broker retained a degree of scepticism about Tesla's growth prospects, but saw an opportunity in the company's disclosure of future growth drivers (Robotaxi and Model 2) in a few months' time, which alone is enough to support the share price.The broker gave a US$220 target price to Tesla and maintained its Neutral rating.Related NewsCore Inflation Rate YoY in United States for Apr is 3.6%, Meets ExpectationsThe report also noted that investors will be focusing on comments about demand conditions and Tesla's future growth plans during 1Q24, especially since the pressures of the quarter are well known. The broker did not expect any major announcements given company management's disfavour for results to coincide with product releases, but believed the company may provide some foreshadowing of the Robotaxi event currently scheduled for 8 August and may reiterate its intention to launch the Model 2 in 2025/26.Tesla's deliveries plummeted 17% YoY in 1Q24, while its inventory climbed, the report highlighted. The broker attributed this to a general slowdown in demand for electric vehicles and increased competition in international markets due to Chinese OEMs. As a result, the market lowered its 1Q consensus forecast for the company, but only modestly dropped the full-year estimate. This reflected some confidence in Tesla's ability to deliver stronger growth in 2H, a thesis also supported by the share price's reaction after the delivery volume announcement.(Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)Related NewsPDD's Temu to Focus on Expansion Outside US: Report