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Tesla, which is also a trending ticker for us, getting another price target cut. This one coming from Mizuho. The firm lowering its target to 430 from 515. Of course, there have been a lot of price target cuts for Tesla as of late. By the way, the analysts there are still an out perform on the name. So, they are still positive on it even as they are lowering it. And this is a note, um, comes in a note that's really about, um, autos more broadly, but among other things, one of the things we've been trying to puzzle out with the tariffs is for for the USMCA exemptions, which are those products that are exempted. Well, the team over at Mizuho said potentially 8% of autos and 20% of auto parts from Mexico are uncompliant and could see those tariffs. So that gives an idea of what could be affected. But they're also talking about some of the other things that are affecting EV sales both in the US and in China over the longer term. Um, Barb, uh, Barb Dran is still with us. And Barb, um, when it comes to Tesla, you know, as you've mentioned earlier, one of these things is not like the other when it comes to the magnificent seven. Tesla has long been sort of the outlier both in what its business is and how it has performed. And lately it has underperformed by quite a bit. What are what are your thoughts on that one?

Well, I've I've never been a fan of Tesla as an auto company because I think it's always been um overvalued and the stock has had a monster run in the last four or five, six months, and that's primarily because it's been repositioned as an AI robotics company. But if you look at the underlying business, which is most of their business right now, the car business, it's under, you know, competitive threat. You've seen this around the world, it's not just them anymore. When they started, they they were it. They invented this industry. And now you've got competition from abroad, you've got competition here. They have not come out with a new model in quite some time. They have don't have a low price model. And of course now we have a lot of uh pushback um because of uh some of the utterances, the political utterances of the owner, you know, Elon Musk. So, and I think you're hearing these stories around the country, you know, that there's um dealerships are being set on fire, they're setting on fire cars, particularly the the trucks, the cyber trucks. Right. And so the brand is really taking a beating. And um, you know, we'll see, that's going to obviously hurt deliveries, it's going to hurt sales, and that's happening also in Europe. So, we've got to see what happens, but I think there's uh not going to be a lot of positive news for Tesla, you know, anytime soon.

And this is an interesting one because we were talking about, um, valuation of the other magnificent seven. Tesla's hasn't come down even though the price has come down. Um, and so I was going to ask you, you know, is this a one where it would get to a valuation where you would say, okay, maybe this is attractive, but the valuation, the PE hasn't really come down substantially.

No, it has not. It has not. I mean, when the stock went gotten down to like 120, I mean, it was still a 30 PE on the auto sales, where you've got GM and Ford at what? Five, six? You know, I mean, that's crazy. So I think the stock would have to come down a lot more for it to be interesting to me. You know, so, they do have other parts of their business that are thriving, but it I don't think that the PE here is justified.

Got it. Yeah.