Tesla's 'conflicting' guidance has parallel universes, says Barclays
The parallel universe theory may explain Tesla's "conflicting guidance," Barclays analyst Brian Johnson tells investors in a research note titled "Parallel universes of 'guidance.'" The analyst sees "at least two, possibly three," parallel universes issuing from Tesla and its CEO Elon Musk, with a wide range of implied revenue guidance. In the first universe, the universe of regulatory filings with lawyer vetted statements, Tesla is guiding towards annual deliveries of 360,000 to 400,000 total units, Johnson writes. In the second universe, which includes Musk's oral comments, tweets and court filings, the delivery guidance is 420,000 to 600,000 vehicles, adds the analyst. The difference between the two universes is up to $10B of revenue or $8B of inventory build, Johnson contends. He keeps an Underweight rating on Tesla with a $192 price target. The stock closed Friday down $9.49 to $264.53.