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Tesla : analysts warn about demand, profits as quarter nears close

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06/23/2019 | 03:13pm EDT

INTERNATIONAL - The concerns around the demand for Tesla Inc.’s cars are resurfacing as the second quarter nears a close, with Goldman Sachs analyst David Tamberrino saying volume estimates for the second half of the year and beyond appear to be high, considering there are now fewer “levers to pull to stoke demand going forward.”

The analyst said the second quarter may have been a better environment for both demand and deliveries, “but to a level that is likely not sustainable.”

Tamberrino said he expected the shares to be on a “downward path” as it became clearer that demand for the company’s current products were below expectations. The analyst maintained his sell rating on the stock, and lowered the price target to $158 from $200.

What Bloomberg Intelligence Says

Tesla’s increasingly important international rollout takes the focus off the U.S. market, which is taking a demand pause at best or is electric-vehicle saturated at worst. This global push will deliver expansion but at great expense to margin, given the company is essentially starting over as it builds a sales, service and distribution network in China and Europe. - Kevin Tynan, senior global autos analyst.

Tesla expects to deliver 90,000 to 100,000 cars in the second quarter, and Chief Executive Officer Elon Musk said at the company’s annual meeting earlier this month that sales could hit record levels for this quarter. The worries about demand have dominated the investor sentiment on Tesla this year, and the shares have fallen nearly 32% so far in 2019.

RBC Capital Markets analyst Joseph Spak said the deliveries for the second quarter “may come in towards the low-end of guidance,” which is better than what was initially feared. However, as Tesla tries to bring the focus back to delivery growth in order to quell demand fears, the carmaker could be “sacrificing profitability to focus on unit growth,” Spak wrote in a note to clients.

RBC now forecasts second-quarter deliveries of 88,900 units, up from its prior view of 87,600 units. Spak has the equivalent of a sell rating on Tesla and a price target of $190.

Tesla shares were down 1% in pre-market trading on Thursday.


(c) Pretoria News 1999 - 2019 Independent Newspapers (Pty) Limited. All rights strictly reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials (USD)
Sales 2019 25 003 M
EBIT 2019 -266 M
Net income 2019 -928 M
Debt 2019 8 289 M
Yield 2019 -
P/E ratio 2019 -47,2x
P/E ratio 2020 127x
EV / Sales2019 2,14x
EV / Sales2020 1,72x
Capitalization 45 171 M
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Technical analysis trends TESLA INC.
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus HOLD
Number of Analysts 33
Average target price 280,03  $
Last Close Price 253,50  $
Spread / Highest target 109%
Spread / Average Target 10,5%
Spread / Lowest Target -44,8%
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Robyn M. Denholm Chairman
Deepak Ahuja Chief Financial Officer
Jeffrey B. Straubel Chief Technology Officer
Gary Clark Chief Information Officer
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