Tesla stock was, well, doing nothing on the Good Friday holiday, despite a price target cut.

Investors will have to wait until Monday to see how the market will react.

Thursday evening, Barclays analyst Dan Levy lowered his Tesla price target to $275 from $325. He kept his Hold rating on shares.

The update comes ahead of Tesla's first-quarter earnings report, slated for April 22. Levy calls the setup "confusing."

It's easy to see why he feels that way. For starters, Tesla delivered about 337,000 cars in the first quarter, down 13% year over year. It was the company's worst quarterly decline on record. What's more, it was about 40,000 fewer cars than Wall Street expected.

Investors aren't sure how much is due to CEO Elon Musk's political activities, which resulted in some protests at Tesla locations, and how much was due to the Model Y changeover. Tesla recently updated its most popular model.

Then there are tariffs, which could raise the cost of parts for Tesla. By how much is hard to say.

Levy believes it will be difficult for Tesla to grow deliveries in 2025. Tesla delivered about 1.8 million cars in 2024 and 1.8 million cars in 2023. Wall Street started the year out projecting about 2.1 million deliveries for 2025. That number is down to about 1.8 million.

Falling estimates aren't good for any stock, but Levy also sees the potential for Musk to spend more time at Tesla instead of Washington, D.C., which investors would view as a positive.

Tesla also plans to launch a robotaxi service in June and start selling a new lower-priced model later in 2025. Both could be positive for investor sentiment, if Tesla sticks to its timelines.

There's a lot for investors to keep track of.

With the cut, the average analyst price target for Tesla stock is about $327 a share, according to FactSet. A year ago, it was $192. The average price target peaked at $381 a share in early February before investors started to worry that Musk's political activities were hurting sales.

It's been a wild few months for Tesla investors. Shares fell 4.3% this past week, while the S&P 500 fell 1.5%. For Tesla shares, it was the 11th decline out of the past 13 weeks.