Tesla Inc. (NASDAQ:TSLA) shares edged lower Monday after analysts at Goldman Sachs and Jefferies both issued cautionary words about the maker of electric vehicles.
Tesla shares traded down nearly 1%, at US$317.95 a share, at mid-morning Monday as Goldman Sachs reiterated its sell rating on the stock and said the latest data indicate Tesla's deliveries in the first quarter will be disappointing.
"We believe the company is tracking below its 2018 Model S/X guidance of approx. 100k units (an implied 25,000 per quarter)," Goldman Sachs analysts led by David Tamberrino wrote in a note. "Further, while monthly Model 3 deliveries are showing sequential improvement, we estimate that they will fall well short of consensus expectations." The Model 3 is Tesla's mass-market sedan.
Jefferies sees 'minor red flags'
Meanwhile, Jefferies analyst Phillippe Houchois said he sees "minor red flags" in Tesla's annual filing. Nonetheless, Houchois raised his price target for Tesla shares to US$250 from US$240, though he kept his Underperform rating on the stock, according to a report by The Fly.
The Jeffries analyst wrote that purchase obligations of US$2.7bn, imply fiscal year production in the range of 250,000 to 400,000 units, leaving Tesla "limited room for error." The Fly said Houchois' production estimate for the year is 273,000 units.
The Fly said Houchois also believes Tesla's lease accounting change helps profit but may understate liabilities by removing US$3bn of resale value guarantee from accounts but not the economic risk.
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