Morgan Stanley analyst Adam Jonas raised his price target on Tesla shares to $500 from $360 and raised his "bull case" price to $1,200 from $650 to reflect a scenario where the company achieves 4 million units of auto volume by 2030 with a 12% operating margin. This compares to his base case scenario, wherein Tesla achieves 2.2 million units and a 10% operating margin by 2030, Jonas noted. The analyst, who believes investors should expect "a very challenging" first quarter, said his "bull case" is based on "aggressive unit volume outcomes that may push the limits of both demand and capacity to supply." Jonas reiterates his Underweight rating on Tesla shares.
Elon Musk says: "Regarding FSD Version 12, which is the pure AI-based self-driving, if you haven't experienced this, I strongly urge you to try it out, it's profound. And the rate of improvement is rapid. And we've now turned that on for all cars with the cameras and inference computer everything from Hardware 3 on in North America. So it's been pushed out to, I think, around 1.8 million vehicles, and we're seeing about half of people use it so far and that percentage is increasing with each passing week."
Check out this evening's top movers from around Wall Street, compiled by The Fly. HIGHER AFTER EARNINGSAudioEye (AEYE) up... To see the rest of the story go to thefly.com. See Story Here
Tesla (TSLA) is expected to report results on its fiscal first quarter on Tuesday, April 23, with a conference call scheduled for 5:30 pm EDT. What to watch... To see the rest of the story go to thefly.com. See Story Here
Wells Fargo lowered the firm's price target on On Semiconductor (ON) to $95 from $110 and keeps an Overweight rating on the shares ahead of quarterly results. The firm anticipates On to deliver a Q2 guide slightly below expectations as it adjusts to Tesla-specific (TSLA) production softness specific to image sensor and SiC sales.