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TSLA

Tesla

$292.16

4.46 (1.55%)

07:21
04/04/19
04/04
07:21
04/04/19
07:21

Tesla disappointing Q1 results will fuel demand concerns, says Goldman Sachs

Goldman Sachs analyst David Tamberrino noted that Tesla's Model S/X and Model 3 deliveries came in well below his estimates and consensus expectations in Q1, adding that production levels also disappointed in the quarter with Model 3 weekly production averaging about 4,800, which was below his estimate of 5,500 vehicles per week. While the company reaffirmed its 2019 delivery guidance of 360,000-400,000, Tamberrino thinks the disappointing Q1 results will likely put pressure on consensus estimates for the full year. Overall, the delivery results support his belief that volume expectations for 2019 are too high and will likely fuels bearish investors' concerns about waning demand, said Tamberrino, who reiterates his Sell rating and $210 price target on Tesla shares.

  • 22

    Apr

TSLA Tesla
$292.16

4.46 (1.55%)

04/01/19
ADAM
04/01/19
NO CHANGE
Target $450
ADAM
Buy
Tesla's Model 3 performs like a 911, priced like a 3 series, says Canaccord
After hosting a factory tour and test drive for clients at Tesla's (TSLA) Fremont facility, Canaccord Genuity analyst Jed Dorsheimer maintains a Buy rating on Tesla shares with a $450 price target. The stock in morning trading is up 1%, or $2.56, to $282.42. The analyst came away with renewed confidence in his thesis that the company maintains an advantage in the race to disrupt the internal combustion engine auto. The new $39,000 Model 3 is a "quantum leap forward in performance" and will capture the "lion-share" of current electric vehicle offerings, Dorsheimer tells investors in a research note. With the performance of a Porsche (POAHY) 911 and the price of an Audi A4 or BMW (BMWYY) 3 series, the Model 3 is the "best value proposition currently on the market today," contends Dorsheimer. And it is clear to the analyst that Tesla has built the facility for scale well beyond current volumes. Further, he was pleased to confirm that the most critical component in the electric vehicle remains the inverter, which he noes has transitioned to silicon carbide and is required with each motor. He sees this as a positive for Buy-thesis on Cree (CREE).
04/04/19
JPMS
04/04/19
NO CHANGE
Target $200
JPMS
Underweight
JPMorgan cuts Tesla target to $200 after 'so negative' Q1 delivery report
JPMorgan analyst Ryan Brinkman lowered his price target for Tesla to $200 from $215 saying last night's Q1 vehicle production and deliveries report is "substantially worse than expected." The analyst keeps an Underweight rating on the name. Tesla in premarket trading is down 8%, or $23.91, to $267.90. Deliveries tracked just 63,000 units versus JPMorgan's estimate of 70,500 and consensus as recently as March 27 of 74,930, suggesting "materially less" Q1 revenue, margin, and free cash flow, Brinkman tells investors in a research note titled "5 Reasons Why Tesla's 1Q Deliveries Report Is So Negative (Including Potential SEC Implications) - Reiterate Underweight." The market assumed that if Tesla were to miss, it would be due solely to a materially greater than expected number of vehicles in transit, but this appears to be only partly the case, with vehicles in transit at quarter-end totaling 10,600 versus JPMorgan's estimate of 10,000, adds the analyst. Further, Brinkman says that while investor focus has been on the Model 3 ramp, deliveries of the higher price Model S and X "declined substantially" in Q1. The analyst also believes the reaffirmation of the 360,000-400,000 full year deliveries guidance last night "appears to clarify official guidance has in fact all along remained at 360-400K." The "now clear incongruence of CEO outlook statements with official company guidance may hurt the perception of management commentary, eroding investor confidence and potentially placing additional pressure on the shares," says Brinkman.
04/04/19
JMPS
04/04/19
NO CHANGE
Target $374
JMPS
Outperform
Tesla price target lowered to $374 from $394 at JMP Securities
JMP Securities analyst Joseph Osha cut his price target on Tesla shares to $374 from $394 after the company reported Q1 deliveries suffered a 31% sequential decline as U.S. demand fell sharply and export markets only partially compensated. The decline was not unexpected, though Model S and X deliveries were "surprisingly weak," while Model 3 deliveries were "decent," Osha tells investors. He maintains an Outperform rating on Tesla.
04/04/19
ADAM
04/04/19
NO CHANGE
Target $391
ADAM
Buy
Tesla price target lowered to $391 from $450 at Canaccord
Canaccord analyst Jed Dorsheimer lowered his price target on Tesla shares to $391 from $450 after the company reported lower-than-expected deliveries for Q1 despite improved overall production that appears to have past the previous growing pains. While Dorsheimer tells investors in a research note that he was "disappointed" in the shortfall of deliveries in Q1 versus expectations, he continues to believe that the new lower-priced Model 3 variant will spur additional demand. He maintains a Buy rating on Tesla given the overall opportunity that he sees for Tesla and electric vehicles in general.

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TSLA

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PINS

Pinterest

$24.46

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HUM

Humana

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Cigna

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TSLA

Tesla

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2.13 (0.79%)

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AMD

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V

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