UPDATE: JPMorgan Sees Lower Fuel Prices Hampering Demand for Mass-Market Tesla (TSLA); PT Cut to $180
Get Alerts TSLA Hot Sheet
Rating Summary:
23 Buy, 27 Hold, 13 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 13
Join SI Premium – FREE
JPMorgan cut its price target on Neutral-rated Tesla Motors (Nasdaq: TSLA) from $190 down to $180 as crude prices continue to tumble.
Analyst Ryan Brinkman said he is taking a harsher stance
on Tesla given lower fuel prices. The analyst expects lower demand than previously forecast for Tesla's mass-market EV, the Model 3.
Brinkman maintains a Q4 delivery forecast at 11,100 units, which extrapolates to a FY14 delivery outlook at 32,921 vehicles. Softer demand in China should be offset by increasing demand in Europe and North America.
On longer-term expectations, Brinkman commented, We trim our 2019 and 2020 delivery forecasts for the mass market vehicle (Model 3) to represent the sensitivity of the target buyer of a mass market vehicle to total cost of ownership of electric vehicles relative to internal combustion vehicles. We now forecast 2019 deliveries of 140K units (vs. 160K units prior) and 2020 deliveries of 180K units (vs. 200K units prior) for the Model 3.
For an analyst ratings summary and ratings history on Tesla Motors click here. For more ratings news on Tesla Motors click here.
Tesla Motors closed at $201.62 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Tesla (TSLA) pivoting back towards cheap EV cars 'raises more questions' - Deutsche Bank
- Active options: TSLA META NVDA MSFT AMZN GOOGL AAPL AMD SNAP
- First Cash Financial (FCFS) PT Lowered to $140 at TD Cowen
Create E-mail Alert Related Categories
Analyst Comments, Analyst PT Change, Momentum Movers, Short SalesRelated Entities
JPMorgan, Crude Oil, TeslaSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!