Guggenheim says that following Tesla's robotaxi event, investors are likely to refocus on fundamentals Institutional investors and professional traders rely on The Fly to keep up-to-the-second on breaking news in the electric vehicle and clean energy space, as well as which stocks in these sectors that the best analysts on Wall Street are saying to buy and sell.
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MODESTLY IMPROVED DEMAND TRENDS: Guggenheim raised the firm's price target on Tesla to $153 from $134, but kept a Sell rating on the shares. The firm rolls its valuation basis forward one year in conjunction with "modestly improved demand trends" as it is updating its delivery and margin forecasts to incorporate quarter-to-date data, a brief analysis of the used vehicle market for Tesla and detailed regional assumptions. The "path of least resistance into the 10/10 robotaxi event is likely higher, with deliveries looking like a non-event," but following the robotaxi event, investors are likely to refocus on near- and medium-term fundamentals, Guggenheim contends.
Click here to check out Tesla's recent Media Buzz Sentiment as measured by TipRanks.
CHINA SAYS SAFEGUARD TECHNOLOGY: Even as China builds out its EV infrastructure around the world, to sidestep harsh tariffs on Chinese exports, the country is urging its domestic electric vehicle companies to export so-called knock-down kits to their foreign plants," writes Bloomberg. This measure by the government would require vehicle makers produce "key parts of a vehicle " in China and then send them " for final assembly in their destination market," added Bloomberg's Linda Lew. Companies that may be impacted by this include Nio (NIO), Li Auto LI(LI), BYD (BYDDF), Canoo (GOEV) Nikola (NKLA) XPeng (XPEV) and Tesla.
CHAPTER 11 PROCEEDINGS: Complete Solar (CSLR) announced that SunPower (SPWR) has determined Complete Solar to be the prevailing bidder for the assets of SunPower pursuant to the Asset Purchase Agreement previously filed with the Bankruptcy Court. Accordingly, subject to the Bankruptcy Court's final approval of the sale at the hearing on September 23, 2024, Complete Solar will acquire the assets of SunPower.
TARGET RAISE: BofA raised the firm's price target on First Solar (FSLR) to $343 from $320, while keeping a Buy rating on the shares. The firm's unchanged valuation flows through minimally revised FY26E EBITDA of $2.44B and its price target rises on a higher mark to market multiple reflecting the latest market conditions.
