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TSLA

Tesla

$324.01

1.22 (0.38%)

06:23
07/19/18
07/19
06:23
07/19/18
06:23

Tesla downgraded to Underperform from Hold at Needham

Needham analyst Rajvindra Gill downgraded Tesla to Underperform, stating the stock remains overvalued in spite of its 16% decline from the the June 2017 peak. The analyst cites expectations of slower Model S/X sales amid increased competition and possible cannibalization from Model 3, expiration of credits, slower gross margins improvement with "persistently high" production costs, lower energy segment revenue after recent restructuring, and Tesla's "unsustainable capital structure with a projected $6B free cash flow burn through 2020. Gill further notes that his checks suggest that extended wait times and the expiration of the $7,500 credit are leading more people to ask for refunds than put down deposits on Model 3 cars, with the refund rate also doubling from the 12% in 2017.

  • 07

    Aug

TSLA Tesla
$324.01

1.22 (0.38%)

07/03/18
GSCO
07/03/18
NO CHANGE
GSCO
Sell
Tesla demand data point a concern, says Goldman Sachs
Goldman Sachs analyst David Tamberrino notes that while Tesla did achieve its 5k/week production target for the Model 3, the company's Model 3 deliveries did miss the analyst's bearish estimates. Further, he sees the incremental color on Model 3 net reservations where the company showed its first declining data point as incrementally negative. Tamberrino reiterates a Sell rating on the shares.
07/10/18
KEYB
07/10/18
NO CHANGE
KEYB
Sector Weight
Tesla production potential a chance to talk bull case, says KeyBanc
After Bloomberg reported that Tesla is expected to to sign a memorandum of understanding in Shanghai to build a plant in China capable of producing 500,000 vehicle per year, KeyBanc analyst Brad Erickson told investors in a research note that "this is just the kind of announcement and scenario contemplated" in his positive near-term bias, whereby he thinks investors would attribute some incremental value associated with the incremental production well ahead of revenue. Erickson believes the company's formal messaging of China production will come before the company showing more meaningful steps toward Model 3 profitability, as a China factory will likely require an incremental capital raise. The analyst, who has a Sector Weight rating on Tesla shares, sees Tesla delivering about 426,000 vehicles at an average selling price of about $57,600 in 2020, while doing an additional $4.3B in battery revenue at an operating margin of 8%.
07/11/18
BOFA
07/11/18
NO CHANGE
Target $180
BOFA
Buy
Tesla sees 5k per week production level as sustainable, says BofA/Merrill
BofA/Merrill analyst John Murphy kept his Buy rating and $180 price target on Tesla after hosting investor meetings with its management which included the Senior Director of Investor Relations Aaron Chews. Murphy says their presentation indicates that not only is the 5K vehicle output per week level sustainable, the company is on its way to building over 6K cars per week by Q3 and 10K per week by mid-2019. The analyst notes however that he is a bit skeptical about that forecast and believes that it will take "some time" before Model 3 output can reach "material scale". Murphy further states that Tesla's announced agreement with Shanghai government to build a factory in the region comes with an opportunity for production capacity expansion as well as a risk around funding with operating cash flows and higher prices due to U.S.-China trade friction.
07/19/18
NEED
07/19/18
DOWNGRADE
NEED
Underperform
Tesla downgraded to Underperform from Hold at Needham

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MRCY

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LB

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SPOT

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IDXX

Idexx Laboratories

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OMC

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BSX

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CTRP

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CTRP

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CTRP

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CE

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XRAY

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SIM

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CPRT

Copart

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NVS

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