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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Tesla, Inc.    TSLA

TESLA, INC.

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Tesla traders bet on Musk battery pitch to spark rally

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09/21/2020 | 05:00am EDT

Sept 21 (Reuters) - Fasten your seatbelt, because Tuesday is Tesla's "Battery Day", and some investors expect Chief Executive Elon Musk's pitch on the electric car maker's energy storage advances to re-energize its rally following a recent 21% stock slump.

Tesla's stock has risen in recent sessions ahead of the event scheduled for Tuesday after the close of trading. Many analysts expect Musk to unveil battery improvements extending the Palo Alto, California automaker's lead over General Motors , Volkswagen and other rivals.

Tesla options are pricing in a stock move of around 17% - up or down - by Friday, said Christopher Murphy, co-head of derivatives strategy at Susquehanna Financial Group.

Tesla's stock has more than made up for a historic slump on Sept. 8 after it was unexpectedly left out of a group companies joining the S&P 500, and it has surged over 400% year to date. Still, Tesla remains below its Aug. 31 record high close.

Analysts, including those with neutral ratings on Tesla's stock, expect major advances from Musk.

"We (and the market) expect the announcements to be significant, cementing Tesla's cost and technology lead for several more years," UBS analyst Patrick Hummel wrote in a client note on Sept. 11, adding he expects a new dry electrode cell technology to help speed manufacturing and lower costs.

Batteries make electric cars cost more than gasoline-powered ones, so the ability to produce low-cost, long-lasting batteries could put Tesla cars on a more equal footing and help usher in mainstream acceptance.

Musk in August suggested on Twitter that Tesla may be able to mass produce batteries with 50% more energy density in three to four years, which could even enable electric airplanes.

A much hyped "Autonomy Investor Day" in April last year failed to stop a five-month decline in the company's stock. At that 2019 event, Musk said that Tesla robotaxis with no human drivers would be available in some U.S. markets in 2020, continuing a habit of making bold pronouncements and setting deadlines Tesla does not meet.

"Even if Tesla provides overly ambitious aspirations at Battery Day, we nevertheless expect the event to reinforce Tesla’s long-term growth narrative – central to the stock, while also reinforcing investor perception that Tesla is ahead of other automakers," wrote Credit Suisse analyst Dan Levy in a Sept. 16 research note.

New battery cell designs, chemistries and manufacturing processes are just some developments that would allow Tesla to reduce its reliance on its long-time battery partner, Japan’s Panasonic.

Cowen analyst Jeffrey Osborne said in a recent client note he expects Tesla to announce it is bringing battery cell production in-house, and for Musk to focus on work done on "million mile" batteries.

Eight Wall Street analysts recommend buying Tesla's stock, while 10 recommend selling and another 15 are neutral. The median average price target is $305, which is 31% below Friday's close.

Underscoring many investors' concerns that Tesla's stock has become overvalued, it is trading at about 150 times expected earnings over the next 12 months, about double its five year average, according to Refinitiv. (Reporting by Noel Randewich, additional reporting by April Joyner in New York; Editing by David Gregorio)


Stocks mentioned in the article
ChangeLast1st jan.
CREDIT SUISSE GROUP AG 2.28% 10.025 Delayed Quote.-25.10%
DJ INDUSTRIAL -1.44% 28195.42 Delayed Quote.-1.20%
GENERAL MOTORS COMPANY -0.30% 33.35 Delayed Quote.-8.88%
NASDAQ 100 -1.84% 11634.348573 Delayed Quote.33.22%
NASDAQ COMP. -1.65% 11478.882835 Delayed Quote.27.93%
S&P 500 -1.63% 3426.92 Delayed Quote.7.83%
TESLA, INC. -2.01% 430.83 Delayed Quote.414.94%
UBS GROUP AG 4.39% 11.41 Delayed Quote.-10.59%
VOLKSWAGEN AG -0.27% 138.82 Delayed Quote.-20.97%
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Financials (USD)
Sales 2020 29 977 M - -
Net income 2020 1 092 M - -
Net Debt 2020 22,0 M - -
P/E ratio 2020 360x
Yield 2020 0,03%
Capitalization 401 B 401 B -
EV / Sales 2020 13,4x
EV / Sales 2021 9,35x
Nbr of Employees 48 016
Free-Float 79,6%
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Technical analysis trends TESLA, INC.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 35
Average target price 356,15 $
Last Close Price 430,83 $
Spread / Highest target 34,2%
Spread / Average Target -17,3%
Spread / Lowest Target -82,6%
EPS Revisions
Managers
NameTitle
Elon Reeve Musk Chief Executive Officer & Director
Robyn M. Denholm Chairman
Zachary Kirkhorn Chief Financial Officer
Kimbal Musk Director
Ira M. Ehrenpreis Independent Director
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