- Doubters are going to doubt and believers are going to believe. Here's the latest on Tesla (NASDAQ:TSLA) from the sell-side.
- Baird (Outperform, $368 PT, Top Pick for 2017): "Q2 results were better than we feared when we previewed the quarter. Importantly, cash balance, demand commentary for all vehicles, and Model 3 margin ramp expectations were positive. Although TSLA is now in 'production hell,' we recommend investors own shares into the Model 3 ramp...We believe a positive reception to the Model 3 from early customers could significantly increase the value of the Tesla brand and further accelerate demand."
- RBC Capital Markets (PT raised to $345): "What Tesla has accomplished is extremely impressive."
- Goldman Sachs (NYSE:GS) (Sell, raised PT of $200): "We now see TSLA needing to raise capital in 1Q18E (vs. 2Q18E previously) and continue to see downside risk to Model 3 production."
- Morgan Stanley (NYSE:MS) (Equal-weight, $305 PT): "Early Model 3 launch milestones look strong, but the $2bn of 2H capex will make your eyes water. Time will tell if they are tears of joy … 2H capex guide of $2bn is really big. 2x our forecast."
- Cowen (Underperform, raised PT of $170): "As Tesla's Model 3 ramp proceeds, we continue to have more questions than answers about the company and the vagueness of details coupled with lack of disclosure from management about true capital needs and expense levels need[ed] to obtain their ultimate vision."
- Sources: Bloomberg, Benzinga and Investor's Business Daily.
- Tesla gapped up over its 50-day moving average to as high as $350.00. Shares are currently +6.75% to $347.90.
- Previously: Tesla cites strong demand across models (Aug. 2)
- Previously: Tesla +8% with Model 3 seen as on track (Aug. 2)
Original article