Tesla Motors’s Overweight Rating Reaffirmed at Morgan Stanley (TSLA)
Tesla Motors (NASDAQ:TSLA)‘s stock had its “overweight” rating reaffirmed by stock analysts at Morgan Stanley in a report issued on Wednesday. They currently have a $320.00 price objective on the stock. Morgan Stanley’s target price suggests a potential upside of 51.26% from the stock’s previous close.
The analysts wrote, “Tesla aside, the auto industry’s push into EVs has fallen far short of expectations. Just a few years ago, forecasts for global EV penetration were as high as 5 or 10% by 2020. From today’s perspective, we think penetration in the 1% range would be respectable. “Fiat-Chrysler CEO Sergio Marchionne recently said he loses $14,000 on every Fiat 500e, adding “I hope you don’t buy it.” Chevrolet Volt sales are down 7% YTD despite attractive leases. The Ford Focus EV accounted for 0.07% of Ford’s 1Q US volume. Other OEMs including Renault-Nissan, PSA and Toyota have de-emphasized or significantly scaled-back their EV sales targets.”
Several other analysts have also recently commented on the stock. Analysts at JPMorgan Chase & Co. cut their price target on shares of Tesla Motors from $164.00 to $163.00 in a research note on Friday, May 9th. Separately, analysts at Goldman Sachs reiterated a “neutral” rating on shares of Tesla Motors in a research note on Thursday, May 8th. They now have a $200.00 price target on the stock. Finally, analysts at S&P Equity Research upgraded shares of Tesla Motors from a “sell” rating to a “hold” rating in a research note on Wednesday, May 7th. Nine equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. Tesla Motors has a consensus rating of “Buy” and a consensus target price of $223.06.
Tesla Motors (NASDAQ:TSLA) traded down 2.25% during mid-day trading on Wednesday, hitting $206.8071. 2,271,375 shares of the company’s stock traded hands. Tesla Motors has a one year low of $88.25 and a one year high of $265.00. The stock has a 50-day moving average of $201.3 and a 200-day moving average of $185.4. The company’s market cap is $25.663 billion. Tesla Motors also was the target of a large drop in short interest in the month of May. As of May 15th, there was short interest totalling 25,122,795 shares, a drop of 6.1% from the April 30th total of 26,749,068 shares. Currently, 29.3% of the company’s shares are sold short. Based on an average daily volume of 7,692,605 shares, the days-to-cover ratio is currently 3.3 days.
Tesla Motors (NASDAQ:TSLA) last announced its earnings results on Wednesday, May 7th. The company reported $0.12 earnings per share for the quarter, meeting the analysts’ consensus estimate of $0.12. The company had revenue of $713.00 million for the quarter, compared to the consensus estimate of $699.10 million. During the same quarter last year, the company posted $0.12 earnings per share. Tesla Motors’s revenue was up 26.9% compared to the same quarter last year. On average, analysts predict that Tesla Motors will post $1.19 earnings per share for the current fiscal year.
In other Tesla Motors news, Director Antonio J. Gracias sold 20,000 shares of the stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $205.02, for a total transaction of $4,100,400.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
Tesla Motors, Inc (NASDAQ:TSLA) designs, develops, manufactures and sells electric vehicles and advanced electric vehicle powertrain components.
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