Tesla's deliveries beat is boosting the stock ... but not the sentiment of Wall Street analysts, who are still cautious
Tesla Inc. investors cheered the electric car maker’s delivery numbers, but Wall Street analysts weren’t as impressed, as some analysts expressed concern that today’s gain came at the expense of profitability and demand down the road.
The worry, analysts say, is that deliveries may have been boosted by price cuts, a pull-forward of demand given the expiring Federal tax credit, while the higher mix of lower-priced Model 3 deliveries could pressure margins and increase losses. And J.P. Morgan analyst Ryan Brinkman wrote: “The debate will also likely turn to sustainability of demand given that 2Q was, like 4Q18, a pre-buy quarter in the U.S. ahead of another step-down in availability of federal tax credits on July 1.”
Analyst Rajvindra Gill at Needham said his concerns about pulled-in demand were also reinforced by Tesla not affirming its full-year 2019 delivery guidance of 360,000 to 400,000 vehicles, considering that guidance was reiterated after the first-quarter report with “far less impressive numbers.”Gill reiterated the underperform rating he’s had on the stock since July 2018, while J.P.
Meanwhile, some analysts joined in with investors to cheer the deliveries data, with Baird analyst Ben Kallo saying the results set the stage for a strong second-quarter earnings report.
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