TSLA
Tesla on watch after deliveries beat, Wedbush upgrade
- Tesla (NASDAQ:TSLA) is on watch for a big share price pop tomorrow
after the company topped Q1 deliveries estimates.
- The deliveries update also prompted a weekend upgrade from Wedbush
Securities on Tesla to an Outperform rating.
- Analyst Dan Ives: "In our opinion the 1Q delivery numbers released on
Friday was a paradigm changer and shows that the pent-up demand globally
for Tesla's Model 3/Y is hitting its next stage of growth as part of a
global green tidal wave underway. We now believe Tesla could exceed 850k
deliveries for the year with 900k a stretch goal, despite the chip
shortage
and various supply chain issues lingering across the auto sector. While
the
EV sector and Tesla shares have been under significant pressure so far
this
year, we believe the tide is turning on the Street and the eye popping
delivery numbers coming out of China cannot be ignored with the
trajectory
on pace to represent ~40% of deliveries for Musk & Co. by 2022."
- Ives and team believe Tesla's profitability-free cash flow profile
significantly improves over the next three to four years and forecasts
$20
of annual EPS potential by 2026.
- In what could be a big development for the whole EV sector, Wedbush
also expects the U.S. EX tax credit ceiling to be removed.
- Wedbush's price target on Tesla is lifted to $1,000 and a long-term
bull case PT of $1,300 is set. The stock is listed by the firm as a top
pick of the Green Tidal Wave thesis. Tesla closed on Friday at $661.75.
- Last week: Apple reportedly to use Tesla batteries to help light up
its headquarters.
|Today, 9:01 PM|99 Comments
Tesla on watch after deliveries beat, Wedbush upgrade
- Tesla (NASDAQ:TSLA) is on watch for a big share price pop tomorrow
after the company topped Q1 deliveries estimates.
- The deliveries update also prompted a weekend upgrade from Wedbush
Securities on Tesla to an Outperform rating.
- Analyst Dan Ives: "In our opinion the 1Q delivery numbers released on
Friday was a paradigm changer and shows that the pent-up demand globally
for Tesla's Model 3/Y is hitting its next stage of growth as part of a
global green tidal wave underway. We now believe Tesla could exceed 850k
deliveries for the year with 900k a stretch goal, despite the chip
shortage
and various supply chain issues lingering across the auto sector. While
the
EV sector and Tesla shares have been under significant pressure so far
this
year, we believe the tide is turning on the Street and the eye popping
delivery numbers coming out of China cannot be ignored with the
trajectory
on pace to represent ~40% of deliveries for Musk & Co. by 2022."
- Ives and team believe Tesla's profitability-free cash flow profile
significantly improves over the next three to four years and forecasts
$20
of annual EPS potential by 2026.
- In what could be a big development for the whole EV sector, Wedbush
also expects the U.S. EX tax credit ceiling to be removed.
- Wedbush's price target on Tesla is lifted to $1,000 and a long-term
bull case PT of $1,300 is set. The stock is listed by the firm as a top
pick of the Green Tidal Wave thesis. Tesla closed on Friday at $661.75.
- Last week: Apple reportedly to use Tesla batteries to help light up
its headquarters.
|Today, 9:01 PM|99 Comments
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