Tesla Estimates Cut Further on ‘Unprecedented Brand Damage’

One of Wall Street’s most bearish Tesla Inc. analysts further reduced estimates for the company’s earnings, citing the magnitude of car-buyer backlash against Elon Musk.

Tesla’s first-quarter vehicle deliveries were far below even JPMorgan Chase & Co. analyst Ryan Brinkman’s pessimistic estimate, “confirming the unprecedented brand damage we had earlier feared,” he said in a report Friday.