Source: Zhitong Finance
$Tesla (TSLA.US)$After the release of electric vehicle delivery data for the first quarter, the market was greatly disappointed, and Tesla was criticized by many institutional analysts.
HSBC warns that if Tesla is to reach the level currently agreed to in 2024, deliveries will need to increase by 17% for the rest of the year. Analyst Michael Tyndall (Michael Tyndall) believes that price cuts have not brought the company an increase in sales.
In addition to issues surrounding pricing and the slowing growth of electric vehicles, HSBC is also concerned about uncertainty about the timing and commercialization of Tesla's various ideas (such as Dojo, FSD, and Optimus), and a large part of the stock's valuation comes from these ideas. Based on this, HSBC lowered Tesla's target price to $138, after the bank previously lowered its 2024 earnings before interest and tax (EBIT) forecast by 18%.
Morgan Stanley did not cancel Tesla's “overbearing” rating, but said it doesn't expect to see a recovery in stock prices until the second half of this year. Analyst Adam Jonas (Adam Jonas) believes that in the near future, Tesla will take cost reduction measures to help maintain profit margins rather than double price cuts. Poor delivery performance in the first quarter was seen as the latest catalyst, prompting Wall Street to further sharply lower the company's earnings per share (EPS) expectations.
Wedbush Securities analyst Dan Ives (Dan Ives) commented that this quarter was a complete disaster for Tesla.
Seeking Alpha's financial analyst Livy Investment Research maintained the sales rating of electric vehicle stocks and pointed out that the structural advantages of Tesla's core automobile business are limited.
However, at the same time, “Sister Wood” Cathie Wood (Cathie Wood)'s ARK Investment bought Tesla again on Tuesday, snapping up more than 240,000 shares through three different funds.
Tesla closed down 4.90% on Tuesday, down about 33% this year. Seeking Alpha quantitatively rated Tesla as “holding,” and low scores in valuation and momentum dragged down the overall score.
edit/lambor