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TSLA

Tesla

$256.90

9.06 (3.66%)

08:02
10/15/19
10/15
08:02
10/15/19
08:02

Tesla alone in 'positive sum game of growth and earnings,' says Jefferies

Tesla when reporting Q3 results should show progress on industrial margin, Shanghai ramp-up and future products, Jefferies analyst Philippe Houchois tells investors in a pre-earnings research note titled "Positive sum game continues in Q3." The launch of competing electric vehicle "continue to underline Tesla's product edge in our view, especially at the Model 3 price point," writes the analyst. He believes that as electrification accelerates, Tesla is the only manufacturer "in a positive sum game of growth and earnings." Houchois anticipates a number of announcements in the course of Q4, possibly on the October 23 earnings call, regarding the timing of Model Y launch, unveiling of the pick-up, battery technology update and ramp up of the Shanghai facility. These will support Tesla's valuation multiple, which currently reflects the lack of legacy issues rather than growth, says the analyst. He keeps a Buy rating on the shares with a $300 price target.

  • 23

    Oct

TSLA Tesla
$256.90

9.06 (3.66%)

10/03/19
RBCM
10/03/19
NO CHANGE
RBCM
Underperform
Tesla focus shifts on earnings, says RBC Capital
RBC Capital analyst Joseph Spak is keeping his Underperform rating on Tesla after its Q3 delivery figures, noting that while the 97K was above consensus 95K, it was below the "whisper" forecast of 100K speculated by media outlets. The analyst believes that investor focus will now fall on earnings, with a rise in Model S/X car sales becoming subject to lease accounting - 15% vs. 10% last quarter. Spak adds that Tesla's "inventory" - or cumulative excess production - still stands around 20K, even though Q3 marked the 2nd consecutive quarter when deliveries exceeded production.
10/03/19
10/03/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Tesla (TSLA) downgraded to Market Perform from Outperform at JMP Securities with analyst Joseph Osha saying that while the figures were not "significantly far off" from consensus, delivery unit growth was in low-single-digits with no indications of operational issues. 2. Charles Schwab (SCHW) and E-Trade (ETFC) downgraded to Market Perform from Outperform at Wells Fargo while TD Ameritrade (AMTD) was downgraded to Underperform from Outperform. 3. Teligent (TLGT) downgraded to Market Perform from Outperform at Raymond James with analyst Elliot Wilbur citing the announcement of a strategic review of assets that are non-core to the company's long-term strategy. 4. Insulet (PODD) downgraded to Neutral from Buy at Guggenheim with analyst Chris Pasquale saying while he continues to see the company being competitively well positioned, he now sees the risk/reward as less attractive. 5. Delta Air Lines (DAL) downgraded to Neutral from Buy at Buckingham. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/07/19
WEDB
10/07/19
NO CHANGE
Target $220
WEDB
Neutral
Overhang around Tesla story still ability to hit profitability, says Wedbush
Wedbush analyst Daniel Ives believes that for the Tesla story, all eyes of the Street will now focus in on the profitability picture trajectory for Q4 when the company reports its earnings later this month and the implications/commentary on the business model going forward. While the company did hit the target it set back in July to sequentially increase the amount of vehicles delivered which the analyst applauds, he notes that it was only by about 1,700 units and that in order to hit its ambitious unit guidance of 360K-400K the company will have to deliver about 105K vehicles in Q4, which Ives continues to view as a difficult task. While Q3 indicates some sustained demand, the analyst still believes the biggest overhang around the story is the ability to hit profitability and achieve its ambitious unit guidance for 2019 of 360k-400k units. Ives reiterates a Neutral rating and $220 price target on the shares.
10/15/19
OPCO
10/15/19
NO CHANGE
Target $356
OPCO
Outperform
Q3 deliveries positions Tesla to beat gross margin estimates, says Oppenheimer
Ahead of Tesla's quarterly results, Oppenheimer analyst Colin Rusch says he continues to believe the Q3 delivery number was strong relative to expectations and positions the company to beat gross margin estimates should it deliver on some of the manufacturing efficiencies it has been working on. The analyst thinks gross margin may also benefit from higher mix of Model 3 sales in the EU, and believes emission credit monetization could also boost earnings this quarter and are an under-appreciated cash flow driver in Europe beginning in January when new emissions standards are implemented. Rusch has an Outperform rating and $356 price target on the shares.

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SoftBank

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