Tesla is pushing to meet its sales targets for the second quarter, Lebeaucarnews reports.
Key Points
Improved deliveries in the second quarter could drive Telsa shares in the near term but second-quarter profits and deliveries in the second half of the year are keeping UBS cautious on Tesla's stock.UBS also cuts Tesla's second-quarter earnings-per-share estimate to a loss of 78 cents from a loss of 49 cents.
SpaceX owner and Tesla CEO Elon Musk reacts during a conversation at the E3 gaming convention in Los Angeles, June 13, 2019.UBS on Friday slashed its earnings forecast and price target for Elon Musk's Telsa.shares in the near term but second-quarter profits and deliveries in the second half of the year are keeping UBS cautious on Tesla's stock. UBS maintained its sell rating on the stock and lowered its 12-month price target to $160 from $200.
"Deliveries may provide a pop, but earnings may cause a drop," UBS analyst Colin Langan said in a note to clients. "We expect losses in the second half to increase as deliveries likely soften and the impact of pricing actions continues to weigh on margins."
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