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TSLA

Tesla

$325.89

6.32 (1.98%)

11:52
08/03/17
08/03
11:52
08/03/17
11:52

Battleground: Bulls, bears stay split on Tesla after results

Shares of Tesla (TSLA) are on the rise after the electric carmaker reported quarterly losses that were not as steep as expected. While some Wall Street analysts saw the quarterly results as positive, some voiced a more cautious opinion given softer than expected third quarter guidance. RESULTS: Last night, Tesla reported second quarter losses per share of ($1.33) and revenue of $2.79B, both better than the expected ($1.80) and $2.55B, respectively. The company also said that Model 3 production is on track to achieve targets, with deliveries to non-employees beginning in the fourth quarter. Tesla noted that it delivered 22,026 Model S and Model X vehicles in second quarter, for a total of 47,077 in the first half of the year. "The combined non-GAAP gross margin for Model S and Model X in Q3 will decline slightly from the second quarter, driven primarily by mix shift. Additionally, during the initial phase of the Model 3 ramp in third quarter, the volume produced will be tiny relative to the installed production capacity. As a result, Model 3 gross margin will be temporarily impacted by the excessive allocation of labor and overhead costs and depreciation over this tiny volume. As capacity utilization improves, Model 3 non-GAAP gross margin is expected to be positive in fourth quarter, and should improve rapidly in 2018 to our target of 25%," the company added. MORE POSITIVES THAN NEGATIVES: In a post-earnings research note, Piper Jaffray analyst Alexander Potter reiterated an Overweight rating on Tesla and raised his price target on the shares to $386 from $368. The analyst told investors that there are "too many good vibes to consider bailing now," while noting that the company has achieved several "impressive milestones." Further, Potter believes operating metrics are improving. Meanwhile, his peer at Citi argued in a note of his own that he sees "far more positives than negatives" in Tesla's second quarter earnings report. Analyst Itay Michaeli pointed out that the quarter delivered positive data points on Model 3 and to some extent the balance sheet, while autonomous was more neutral. Nonetheless, he sees the next few quarters as "crucial for execution." Michaeli reiterated a Neutral rating and a $357 price target on Tesla's shares. 'NOISY' QUARTER: Not nearly as bullish on Tesla, Bank of America Merrill Lynch analyst John Murphy lowered his price target on the stock to $155 from $165 on slightly lower forward estimates. While generally above expectations, the analyst noted that the company's second quarter results were "a bit noisy." Model 3 ramp volume still remains unclear, he contended, adding that he expects it to take the new model some time before it reaches any material scale, which could lead to production costs outweighing potential benefits of higher volume operating leverage for an extended time. Additionally, Murphy told investors that he expects Tesla will need to raise capital by year-end and believes investor patience will wear thin as further capital raises are not met with improving earnings, cash flow, or returns. He reiterated an Underperform rating on the shares. Meanwhile, his peer at JPMorgan told investors that while Tesla's second quarter results were "modestly" better than expected, third quarter guided softer, with margin expected to "dip below" 20%. Analyst Ryan Brinkman raised his price target on the shares to $200 from $190 but said that he remains cautious. The company guided for spending to be higher in the second half, suggesting this quarter's lower spending reflects a mere push-out of expenditures into the back half of the year, the analyst contended. He reiterated an Underweight rating on the stock. UBS analyst Colin Langan also said that Tesla's capital spending guidance implies more cash burn and reiterated a Sell rating and $185 price target on Tesla's shares. PRICE ACTION: In late morning trading, shares of Tesla have jumped almost 7% to $348.

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TSLA Tesla
$325.89

6.32 (1.98%)

08/03/17
BOFA
08/03/17
NO CHANGE
Target $155
BOFA
Underperform
Tesla price target lowered to $155 from $165 at BofA/Merrill
BofA/Merrill analyst John Murphy said Tesla's Q2 results were a bit noisy, but generally above expectations. He said Model 3 ramp volume still remains unclear and expects it to take some time before it reaches any material scale, which could lead to production costs outweighing potential benefits of higher volume operating leverage for an extended time. The analyst expects Tesla will need to raise capital by year-end and believes investor patience will wear thin as further capital raises are net met with improving earnings, cash flow, or returns. Murphy lowered Tesla's price target to $155 from $165 on slightly lower forward estimates and maintains an Underperform rating.
08/03/17
UBSW
08/03/17
NO CHANGE
Target $185
UBSW
Sell
Tesla Model 3 margins look challenging, says UBS
UBS analyst Colin Langan noted Tesla reported Q2 results that beat expectations, but he said the company's capital spending guidance implies more cash burn. Also, its second half margin guidance was worse than he expected, noted Langan, who reiterated his Sell rating and $185 price target on Tesla shares.
08/03/17
JPMS
08/03/17
NO CHANGE
Target $200
JPMS
Underweight
Tesla price target raised to $200 from $190 at JPMorgan
JPMorgan analyst Ryan Brinkman raised his price target for Tesla to $200 saying the company's Q2 results were "modestly better than expected." Tesla, however, guided softer in Q3, with margin expected to "dip below" 20%," Brinkman tells investors in a post-earnings research note. Further, while capex tracked lower in Q2, the company guided higher in the second half, suggesting the quarter's lower spending reflects a mere push-out of expenditures into the back half of the year, the analyst adds. He keeps an Underweight rating on Tesla.
08/03/17
PIPR
08/03/17
NO CHANGE
Target $386
PIPR
Overweight
Tesla price target raised to $386 from $368 at Piper Jaffray
Piper Jaffray analyst Alexander Potter raised his price target for Tesla Motors to $386 following last night's Q2 results. In a research note partially titled "Too Many Good Vibes to Consider Bailing Now," Potter says Tesla's operating metrics are improving. The shares should keep moving higher even though the company is facing its toughest challenge yet with the Model 3 production ramp, Potter writes. It is not wise to "bet against a story with this much momentum," the analyst argues. He reiterates an Overweight rating on Tesla. The stock in premarket trading is up 7%, or $22.30, to $348.19.

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