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Fly News Breaks for May 21, 2019
May 21, 2019 | 07:44 EDT
Morgan Stanley analyst Adam Jonas called Tesla "arguably the most strategically important" auto maker, but also one that has "among the widest ranges of outcomes and uncertainty." He estimates that Tesla will end Q2 with total debt of $13.3B and noted that its 2025 bonds have set new lows following the company's recent capital raise. Given the company's increased debt, exposure to China and potential for negative news flow that can hurt its fundamentals, Jonas lowered his "bear case" valuation for Tesla to $10 from $97, driven primarily by his concerns around Chinese demand for Tesla products. However, he keeps a $230 price target for Tesla shares under his "base case" scenario and maintains an Equal Weight rating on the stock.
News For TSLA From the Last 2 Days
Jun 25, 2019 | 07:26 EDT
With Tesla set to announce Q2 deliveries mid-next week, Oppenheimer analyst Colin Rusch notes that the company distributed its internally gathered consensus, which is below FactSet consensus. Overall, the analyst believes the Tesla consensus is more consistent with buyside expectations, and that units are the primary consideration of investors, while noting that gross margin is a close second as it will drive overall cash flow performance. Rusch continues to expect better than feared deliveries and remains constructive near-term. He has an Outperform rating on the shares.
Jun 24, 2019 | 15:42 EDT
The U.S. Commerce Department has agreed to Tesla's request to waive 10% tariffs on imported aluminum from Japan used in the manufacture of battery cells at the company's Nevada Gigafactory, according to Reuters, citing government documents. Tesla made the request in April, saying the aluminum is produced by Nippon Light Metal and that it was seeking a tariff exclusion for 10M kilograms annually, the report notes. Reference Link