Tesla Analyst Slashes Price Target By Over 12% To Reflect Macro Headwinds
Tesla Analyst Slashes Price Target By Over 12% To Reflect Macro Headwinds
特斯拉分析師將價格目標削減超過 12％ 以上，以反映宏觀不利因素
- Mizuho analyst Vijay Rakesh maintained Tesla Inc (NASDAQ:TSLA) with a Buy rating but lowered the price target from $285 to $250.
- TSLA reported December quarter deliveries of 405.3k vehicles (below consensus 418.0k) though mostly expected with the week-long Shanghai shutdown.
- For the full-year 2022, total deliveries were 1.31M units, up 40% Y/Y, while overall production was up ~47% Y/Y, in line with previous TSLA commentary.
- TSLA noted an increase in cars in transport exiting the December quarter.
- However, Rakesh believes concerns remain around a weakening consumer driven by rising interest rates and broader macro concerns, which could continue to be a 1H23E headwind.
- The analyst also noted a critical one-week shutdown at the Shanghai factory (45%+ of TSLA annual capacity)
- Rakesh believes the December quarter top line could see challenges, with price cuts in both China (~9-10%) starting in October and the U.S., with ~$7,500 discounts on the Model 3/Y in the month of December.
- However, introducing the Inflation Reduction Act with certain Model 3/Y's now qualifying for the $7,500 credit could create a significant tailwind, the analyst noted.
- In addition, TSLA is beginning to ramp the Semi, with deliveries starting in December, though Rakesh believes volumes are currently low, while the Cybertruck is likely for a mid-2023 production start.
- Competition in China, the world's largest BEV market, is increasing as BYD Co, Ltd (OTC: BYDDY) and Geely Automobile Holdings Ltd (OTC: GELYF) ramp up new EVs at an attractive price point.
- In the U.S., new EV models like the Silverado EV and the continued popularity of the Ioniq 5 EV could also add to competition concerns.
- Overall, 2022 EVs were up 65% Y/Y (vs. broader LVP, up ~6% Y/Y).
- Price Action: TSLA shares traded lower by 2.71% at $110.56 on the last check Thursday.
- 瑞穗市 分析師維杰·拉克什維持 特斯拉公司 （納斯達克：TSLA）具有「買入」評級，但目標價格從 285 美元降至 250 美元。
- TSLA 報告了 12 月季度交付 405.3k 輛汽車（低於共識 418.0k），儘管主要預計會隨著長達一周的上海停工而停工。
- 2022 年全年的交付總量為 1.31 萬台，年增長了 40%，而整體產量每年增長了約 47%，與之前的 TSLA 評論一樣。
- TSLA 指出，從 12 月季度開始運輸的汽車數量有所增加。
- 但是，Rakesh 認為，由於利率上升和更廣泛的宏觀擔憂所驅動，消費者疲軟仍然存在擔憂，這可能繼續成為 1H23E 的逆風。
- 該分析師還指出，上海工廠關閉了一周的關閉（TSLA 年產能的 45％ 以上）
- Rakesh 認為，12 月季度頂線可能會遇到挑戰，中國（約 9-10％）從 10 月和美國開始降價，12 月份的 3/ Y 型號折扣約為 7,500 美元。
- 但是，分析師指出，在某些 3/Y 型號現在符合 7,500 美元信貸資格的情況下引入了通貨膨脹減少法案可能會造成顯著的順風。
- 此外，TSLA 開始擴大 Semi，交付從 12 月開始，儘管 Rakesh 認為目前的產量很低，而電子卡車可能會在 2023 年中期開始生產。
- 世界上最大的 BEV 市場中國的競爭正在增加 比亞迪股份有限公司 （場外交易：比迪）和 吉利汽車控股有限公司 場外交易代碼：GELYF）以有吸引力的價格點增加新的電動汽車。
- 在美國，新的 EV 車型，如 Silverado EV 和 Ioniq 5 EV 的持續普及也可能增加競爭關注。
- 總體而言，2022 電動汽車年率上升了 65%（與更廣泛的 LVP 相比，年增長約 6%）。
- 價格行動： 上次檢查星期四，多倫多證券交易指數下跌 2.71%，報 110.56 美元。
譯文內容由第三人軟體翻譯。
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