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

TESLA, INC.

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Wall Street sees profit recovery for automakers, but will it last?

10/20/2020 | 10:46am EST
FILE PHOTO: The Wall Street sign is pictured at the New York Stock exchange (NYSE) in the Manhattan borough of New York City

(Reuters) - Wall Street expects U.S. automakers to report strong results for the third quarter, as a recovery in sales after this year's initial coronavirus lockdowns tightens inventory for an industry watching cases in Europe and the United States rise.

Starting with Tesla on Wednesday, investors will be most focussed on what executives have to say about the quarters ahead, as signs grow that the pandemic, which halted work earlier in the year, is again worsening.

"It's going to be pretty strong earnings across the board," said Deutsche Bank industry analyst Emmanuel Rosner, adding he expected all suppliers and carmakers to beat current forecasts.

"Investors want to know what early 2021 is going to look like."

The pace of U.S. car and light truck sales has increased each month since shutdowns were lifted, and plants are working at close to full speed to rebuild inventories for high-profit sport utility vehicles and pickup trucks.

In China too, General Motors Co and Ford Motor Co are recovering, registering double-digit sales growth for the quarter.

For GM, 12% year-on-year growth in July-September, marked the Detroit automaker's first quarterly sales improvement in two years in the world's biggest market. For Ford, the 25% volume growth was its second consecutive quarterly sales increase in China after almost three years of decline.

Most analyst also see automakers firming up their cash flow positions and repaying debt. GM indicated in July it would generate enough cash to pay off a $16 billion loan by the end of the year. But only if the U.S. economy continued recovering and there were no further significant production shutdowns.

Shares of GM, down 9% so far this year, have recovered since hitting a low of $16.8 in March. Ford shares have fallen about 19% and were as low as $4 in mid-March.

(Reporting by Rachit Vats in Bengaluru; editing by Patrick Graham)

By Rachit Vats


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
DEUTSCHE BANK AG -0.16% 9.53 Delayed Quote.37.99%
FORD MOTOR COMPANY -0.38% 9.195 Delayed Quote.-0.65%
GENERAL MOTORS COMPANY -0.67% 44.34 Delayed Quote.22.08%
TESLA, INC. -3.35% 565.47 Delayed Quote.598.92%
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Financials (USD)
Sales 2020 30 702 M - -
Net income 2020 1 254 M - -
Net cash 2020 1 817 M - -
P/E ratio 2020 467x
Yield 2020 -
Capitalization 554 B 554 B -
EV / Sales 2020 18,0x
EV / Sales 2021 12,4x
Nbr of Employees 48 016
Free-Float 80,0%
Chart TESLA, INC.
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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 37
Average target price 387,07 $
Last Close Price 584,76 $
Spread / Highest target -1,16%
Spread / Average Target -33,8%
Spread / Lowest Target -86,3%
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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