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TSLA

Tesla

$288.92

-11.81 (-3.93%)

05:40
10/25/18
10/25
05:40
10/25/18
05:40

Don't get used to Tesla's profitability, says UBS

In a post-earnings research note titled "Profitability at last, just don't get used to it," UBS analyst Colin Langan keeps a Sell rating on Tesla with a $190 price target following last night's Q3 results. Higher Model 3 pricing was likely the biggest driver of the margin beat in Q3, the analyst contends. He notes that Tesla's free cash flow of $900M came in above his $500M estimate due to lower capital expenditures, a higher than expected accrued liabilities benefit, and higher earnings. Langan, however, continues to expect Model 3 average selling prices to decline into Q4 and 2019 as Tesla begins delivering the new $46,000 mid-range model.

  • 29

    Oct

  • 13

    Dec

TSLA Tesla
$288.92

-11.81 (-3.93%)

10/23/18
MSCO
10/23/18
NO CHANGE
Target $291
MSCO
Overweight
Tesla's moved up earnings date likely a positive, says Morgan Stanley
Tesla's "surprise" pull-forward of its Q3 earnings report to tomorrow evening is "more likely a positive sign than an adverse sign," Morgan Stanley analyst Adam Jonas tells investors in a research note. The move coincides with an inflection of Model 3 deliveries and could be a catalyst for a "positive" Q4 outlook, the analyst adds. He has an Equal-Weight rating on Tesla with a $291 price target. Jones asks, "Why would Tesla pull forward the introduction of adverse news into the market now?" Further, he believes the timing of the earnings release could align with potential financing plans. Tesla will use the recent Model 3 momentum to potentially tap the equity market, Jones writes. He continues to forecast a $2.5B equity capital raise in Q4.
10/24/18
UBSW
10/24/18
NO CHANGE
Target $190
UBSW
Sell
Tesla pricing setup likely drives temporary profit, says UBS
UBS analyst Colin Langan noted his Q3 estimates for Tesla are above consensus as it reflects his view that Q3 will benefit from abnormally high average selling prices for the Model 3. The analyst believes the current pricing of $49K will make the cars profitable, but he does not see sufficient demand at that price point . Langan reiterated his Sell rating and $190 price target on Tesla shares.
10/24/18
JMPS
10/24/18
INITIATION
Target $350
JMPS
Outperform
Tesla initiated with an Outperform at JMP Securities
JMP Securities analyst Joseph Osha initiated Tesla with an Outperform rating and $350 price target, calling it a "rapidly growing company, with a still-shaky balance sheet, and a brilliant but often-volatile leader." He believes the scale of the electric vehicle market is not at issue, as he thinks it can support a unit growth rate of 20%-30% for the coming decade. A bigger priority for Tesla will be addressing the price points necessary to maintain the company's position, though Osha contends that competition reacted slowly to Tesla, and is still behind.
10/24/18
10/24/18
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Tesla (TSLA) initiated with an Outperform at JMP Securities. 2. Comcast (CMCSA) resumed with a Buy at Deutsche Bank, reinstated with a Buy at Citi, and assumed with a Neutral at Guggenheim. 3. 2U (TWOU) initiated with a Buy at Needham. 4. Corbus Pharmaceuticals (CRBP) initiated with a Buy at B. Riley FBR. 5. Entasis Therapeutics (ETTX) initiated with a Buy at SunTrust. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.

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