Elon Musk’s reiteration of Tesla delivery guidance confuses analysts
Elon Musk’s reiteration of full-year delivery forecasts that Tesla Inc.’s second-quarter shareholder letter sought to stay away from had a chilling effect on the company’s stock and analysts weighing in on the results had this to say: They don’t believe him.
But Musk immediately on getting on the earnings call reiterated the specific unit guidance and said the company expects to be breakeven this quarter and profitable in the next one.“We do not believe this is likely and model third-quarter deliveries -10% q/q, with the fourth-quarter back near second-quarter levels ,” said RBC analyst Joseph Spak. “As a result, we do not believe the next two quarters revenue will grow either from second-quarter levels or on a year-on-year basis.
But not all houses were unwilling to give Musk the benefit of the doubt. Baird’s Ben Kallo, a long-time bull, reiterated his outperform rating on the stock and price target of $355.
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