Battle Road Research analyst Ben Rose upgraded Tesla stock to the equivalent of Buy. The electric-vehicle maker has recently endured a series of negative...
Tesla stock has been beset by bad news recently, hit with downgrades and estimate cuts as Wall Street frets over the short-term outlook for deliveries. Investors just got some good news, an upgrade. It’s all about the long-term outlook.
Wall Street hasn’t been feeling much better lately. Analysts are cutting delivery estimates headed into the end of the third quarter. Wednesday, Deutsche Bank analyst Emmanuel Rosner cut his delivery number to 440,000 units, down from 455,000 units, citing production downtime taken to upgrade plants in the quarter. Rosner cut his price target to $285 from $300 but maintained his Buy rating. Overall, Wall Street now expects about 462,000 units down from about 473,000 units a few weeks ago.
He is also in the Tesla-is-more-than-a-car-company camp, believing there is value in the Full Self Driving software and energy-storage business. Newsletter Sign-up As for energy storage, sales in the second quarter soared 74% year over year, while gross-profit margins rose to about 18% from 11%.
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