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Tesla Analyst Downgrades Stock, Cuts Price Target By About 20%: 'Hard To Get Comfortable With Near-Term Earnings'
Tesla Analyst Downgrades Stock, Cuts Price Target By About 20%: 'Hard To Get Comfortable With Near-Term Earnings'
Tesla, Inc. (NASDAQ:TSLA) price cuts have alienated another long-time bull, who dropped his bullish stance and tempered his price target for the stock.
The Tesla Analyst: Jefferies analyst Philippe Houchois downgraded Tesla stock from Buy to Hold and reduced the price target from $230 to $185.
The Tesla Thesis: Telsa's stepped-up transition to a world of sustainable energy and resource efficiency may slow down electric vehicle penetration and accelerate profit normalization for the industry, analyst Houchois said in a note.
The first-quarter results, the analyst said, did not validate demand elasticity offsetting lower prices. Cost progress may take longer to materialize, he said. Management is willing to accept lower margins for now as long as the company remains self-funded, he noted.
"It is hard to get comfortable with near-term earnings but the focus on model concentration, hyper-scaling, continuous improvement and design-to-manufacture all look intact," Houchois said.
The auto industry's "structurally low returns may prevail over Tesla in the end, since it is harder to challenge a large established industry than create a new one," the analyst said.
See Also: Everything You Need To Know About Tesla Stock
Houchois said engineering over-performs but marketing and product planning have lacked foresight and finesse to ensure steadier growth, cash flow and residual values.
As such, the analyst lowered his 2023 revenue estimate by 7% to $96.6 billion and ASPs by 4% to $46,000, core auto margin to 19%, EBIT by 32% to $10.4 billion and free cash flow by 44% to $7.4 billion.
Tesla's strategy of growth over margin has its logic and resets expectations, Houchois said. The strategy also questioned whether the EV pioneer's profit edge over rivals was structural or a timing difference, he said.
The "relative price aggression is not supportive of a high multiple investment case while unfolding," the analyst said.
Tesla Price Action: Tesla shares traded up 0.14% at $160.90, according to Benzinga Pro data.
Check out more of Benzinga's Future Of Mobility coverage by following this link.
Read Next: Elon Musk's 'Razor-And-Blade' Strategy Could Jeopardize Tesla's Long-Term Growth, Says Munster
Tesla, Inc. (NASDAQ:TSLA) price cuts have alienated another long-time bull, who dropped his bullish stance and tempered his price target for the stock.
特斯拉公司 納斯達克股票代碼:TSLA)的降價疏遠了另一位長期的多頭,他放棄了看漲立場,調整了該股的目標股價。
The Tesla Analyst: Jefferies analyst Philippe Houchois downgraded Tesla stock from Buy to Hold and reduced the price target from $230 to $185.
特斯拉分析師: 傑富瑞分析師 菲利普·霍舒瓦 將特斯拉股票的評級從 “買入” 下調至 “持有”,並將目標股價從230美元下調至185美元。
The Tesla Thesis: Telsa's stepped-up transition to a world of sustainable energy and resource efficiency may slow down electric vehicle penetration and accelerate profit normalization for the industry, analyst Houchois said in a note.
特斯拉論文: 分析師Houchois在一份報告中表示,Telsa加快向可持續能源和資源效率世界的過渡可能會減緩電動汽車的普及並加速該行業的利潤正常化。
The first-quarter results, the analyst said, did not validate demand elasticity offsetting lower prices. Cost progress may take longer to materialize, he said. Management is willing to accept lower margins for now as long as the company remains self-funded, he noted.
這位分析師表示,第一季度的業績並未證實需求彈性抵消了價格的下跌。他說,成本進展可能需要更長的時間才能實現。他指出,只要公司保持自籌資金,管理層目前願意接受較低的利潤率。
"It is hard to get comfortable with near-term earnings but the focus on model concentration, hyper-scaling, continuous improvement and design-to-manufacture all look intact," Houchois said.
Houchois說:“很難對短期收益感到滿意,但對模型集中度、超大規模擴展、持續改進和從設計到製造的關注看起來都完好無損。”
The auto industry's "structurally low returns may prevail over Tesla in the end, since it is harder to challenge a large established industry than create a new one," the analyst said.
這位分析師說,汽車行業 “結構性低的回報最終可能會戰勝特斯拉,因爲挑戰大型老牌行業比創建新行業更難。”
See Also: Everything You Need To Know About Tesla Stock
另見:關於特斯拉股票你需要知道的一切
Houchois said engineering over-performs but marketing and product planning have lacked foresight and finesse to ensure steadier growth, cash flow and residual values.
Houchois說,工程表現優於大盤,但營銷和產品規劃缺乏遠見卓識和技巧,無法確保更穩定的增長、現金流和剩餘價值。
As such, the analyst lowered his 2023 revenue estimate by 7% to $96.6 billion and ASPs by 4% to $46,000, core auto margin to 19%, EBIT by 32% to $10.4 billion and free cash flow by 44% to $7.4 billion.
因此,該分析師將2023年的收入預期下調了7%,至966億美元,將ASP下調了4%至46,000美元,將核心汽車利潤率下調至19%,息稅前利潤下調了32%,至104億美元,自由現金流下降了44%,至74億美元。
Tesla's strategy of growth over margin has its logic and resets expectations, Houchois said. The strategy also questioned whether the EV pioneer's profit edge over rivals was structural or a timing difference, he said.
Houchois說,特斯拉的增長超過利潤的戰略有其邏輯,並重置了預期。他說,該策略還質疑這家電動汽車先驅相對於競爭對手的利潤優勢是結構性還是時機差異。
The "relative price aggression is not supportive of a high multiple investment case while unfolding," the analyst said.
這位分析師說:“相對價格侵略不支持高倍投資案例的展開。”
Tesla Price Action: Tesla shares traded up 0.14% at $160.90, according to Benzinga Pro data.
特斯拉價格行動:根據Benzinga Pro的數據,特斯拉股價上漲0.14%,至160.90美元。
Check out more of Benzinga's Future Of Mobility coverage by following this link.
通過以下方式查看更多本辛加的《出行未來》報道 點擊這個鏈接。
Read Next: Elon Musk's 'Razor-And-Blade' Strategy Could Jeopardize Tesla's Long-Term Growth, Says Munster
繼續閱讀:芒斯特說,埃隆·馬斯克的 “剃刀與刀刃” 戰略可能會危及特斯拉的長期增長
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moomoo是Moomoo Technologies Inc.公司提供的金融資訊和交易應用程式。
在美國,moomoo上的投資產品和服務由Moomoo Financial Inc.提供,一家受美國證券交易委員會(SEC)監管的持牌主體。 Moomoo Financial Inc.是金融業監管局(FINRA)和證券投資者保護公司(SIPC)的成員。
在新加坡,moomoo上的投資產品和服務是通過Moomoo Financial Singapore Pte. Ltd.提供,該公司受新加坡金融管理局(MAS)監管(牌照號碼︰CMS101000) ,持有資本市場服務牌照 (CMS) ,持有財務顧問豁免(Exempt Financial Adviser)資質。本內容未經新加坡金融管理局的審查。
在澳大利亞,moomoo上的金融產品和服務是通過Futu Securities (Australia) Ltd提供,該公司是受澳大利亞證券和投資委員會(ASIC)監管的澳大利亞金融服務許可機構(AFSL No. 224663)。請閱讀並理解我們的《金融服務指南》、《條款與條件》、《隱私政策》和其他披露文件,這些文件可在我們的網站 https://www.moomoo.com/au中獲取。
在加拿大,透過moomoo應用程式提供的僅限訂單執行的券商服務由Moomoo Financial Canada Inc.提供,並受加拿大投資監管機構(CIRO)監管。
在馬來西亞,moomoo上的投資產品和服務是透過Moomoo Securities Malaysia Sdn. Bhd. 提供,該公司受馬來西亞證券監督委員會(SC)監管(牌照號碼︰eCMSL/A0397/2024) ,持有資本市場服務牌照 (CMSL) 。本內容未經馬來西亞證券監督委員會的審查。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd.,Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc和Moomoo Securities Malaysia Sdn. Bhd., 是關聯公司。
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