Oppenheimer Reiterates Perform On Tesla (TSLA) Following Solar City Acquisition

November 28, 2016 9:28 AM EST
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Oppenheimer reiterated a Perform rating on Tesla Motors (NASDAQ: TSLA) following the close of the Solar City acquisition. Oppenheimer now sees 2016 non-GAAP EPS of ($2.30) on revenue of $7.0B (was ($2.09) and $6.8B). 2017 estimates reflect non-GAAP EPS of ($0.15) and revenue of $9.0B (was ($0.23) and $7.7B).

Analyst Colin Rusch commented, "With the Solar City acquisition now closed, we believe TSLA shares will track execution on the Model 3 ramp and trade within a range depending on quarterly Model S and X sales and GM. With initial production scheduled for 2017 along with ramp of the Gigafactory and the Buffalo solar facility we believe the company has its hands full and would not be surprised by delays given the magnitude of the company’s agenda. We believe the company is also seeing the beginning of used inventory and what we believe is the challenge of introducing a consumer electronics type product cycle into a durable goods end market. We continue to monitor the company’s capital spending/ solar financing and expect a multi-pronged strategy."

For an analyst ratings summary and ratings history on Tesla Motors click here. For more ratings news on Tesla Motors click here.

Shares of Tesla Motors closed at $196.65 yesterday.

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