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Tesla deliveries 'exact opposite' of growth company, says GLJ Research

GLJ Research analyst Gordon Johnson, in a research note to clients, claims Tesla is "not a growth company." After walking down Q1 delivery estimates from 93,000 on Friday to around 80,000 on Monday, well below the 105,000 estimate just two weeks ago, Tesla reported Q1 deliveries of 88,400, "leading many to claim victory," Johnson wrote. However, despite a new China factor and the introduction of over eight new car variants, Tesla's production growth has been just 5.5% since Q3 of 2018, says the analyst. This is the "exact opposite of a 'super-growth/growth' company," claims Johnson, who keeps a Sell rating on Tesla shares with a $70 price target. The stock in morning trading is up 7%, or $33.42, to $187.89.

TSLA Tesla
$493.57 /

+39.58 (+8.72%)

04/03/20 Cowen
Tesla unit deliveries not as bad as feared, says Cowen
04/03/20 Oppenheimer
Tesla's Q1 deliveries better than feared, says Oppenheimer
04/03/20 Wedbush
Tesla's Q1 delivery numbers 'a small victory in dark environment,' says Wedbush
04/03/20 JMP Securities
Tesla may be supply constrained in Q2, says JMP Securities

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