Copy & Paste from IBD:
A slew of analysts lowered TSLA price targets after Q3 earnings as questions swirled around the company's near-term strategy and whether a growth stock works if its EPS is not jumping in 2024. Tesla stock has surged in 2023 as investors bet that the EV maker's growth story was intact, despite near-term growth woes.
Bank of America, Canaccord and Goldman Sachs were among the firms that cut Tesla stock price targets early Thursday on Q3 earnings.
Wedbush analyst Dan Ives, a longtime Tesla bull, wrote Thursday that the earnings call was a "mini disaster" as Musk charted a cautious tack, warning Cybertruck production will take time and that he is concerned with the current economy.
Ives lowered his price target on Tesla stock to 310, from 350, noting there are near-term challenges around profit margins and volumes.
Bernstein sees Tesla looking increasingly like a "regular auto company," based on the EV giant's Q3 balance sheet. The firm wrote Thursday that Tesla appears cautious on its near-to-medium growth prospects, indicating that it was "reviewing all options" for 2024. Bernstein believes TSLA may have to guide deliveries below consensus and face lower-than-expected margins in 2024.
Morgan Stanley analyst Adam Jonas also weighed in on Thursday. Last month Jonas wrote a bullish note on Tesla's full-self driving supercomputer. However, on Thursday Jonas took time to answer "how can we defend a 'growth' stock that appears ready to enter its 2nd consecutive year of earnings decline."
Morgan Stanley has an overweight rating and lowered his price target to 380, down from 400, on TSLA.
Jonas, in his research note, writes that Morgan Stanley views Tesla as much more than an auto company and is betting on Tesla's network services, mobility, third-party battery and full-self driving licensing along with its energy and insurance businesses.
"Our OW (overweight) thesis is highly dependent upon these business lines becoming far greater drivers of earnings with clear milestones/proof-points backed by a
A slew of analysts lowered TSLA price targets after Q3 earnings as questions swirled around the company's near-term strategy and whether a growth stock works if its EPS is not jumping in 2024. Tesla stock has surged in 2023 as investors bet that the EV maker's growth story was intact, despite near-term growth woes.
Bank of America, Canaccord and Goldman Sachs were among the firms that cut Tesla stock price targets early Thursday on Q3 earnings.
Wedbush analyst Dan Ives, a longtime Tesla bull, wrote Thursday that the earnings call was a "mini disaster" as Musk charted a cautious tack, warning Cybertruck production will take time and that he is concerned with the current economy.
Ives lowered his price target on Tesla stock to 310, from 350, noting there are near-term challenges around profit margins and volumes.
Bernstein sees Tesla looking increasingly like a "regular auto company," based on the EV giant's Q3 balance sheet. The firm wrote Thursday that Tesla appears cautious on its near-to-medium growth prospects, indicating that it was "reviewing all options" for 2024. Bernstein believes TSLA may have to guide deliveries below consensus and face lower-than-expected margins in 2024.
Morgan Stanley analyst Adam Jonas also weighed in on Thursday. Last month Jonas wrote a bullish note on Tesla's full-self driving supercomputer. However, on Thursday Jonas took time to answer "how can we defend a 'growth' stock that appears ready to enter its 2nd consecutive year of earnings decline."
Morgan Stanley has an overweight rating and lowered his price target to 380, down from 400, on TSLA.
Jonas, in his research note, writes that Morgan Stanley views Tesla as much more than an auto company and is betting on Tesla's network services, mobility, third-party battery and full-self driving licensing along with its energy and insurance businesses.
"Our OW (overweight) thesis is highly dependent upon these business lines becoming far greater drivers of earnings with clear milestones/proof-points backed by a
Comment:
adding down-trend Fib channels
