Tesla (TSLA) Nearly Matches Q4 Production Despite Shutdown, Jefferies Reiterates $800 PT

Jefferies analyst Philippe Houchois reiterated a Hold rating and $800.00 price target on Tesla (NASDAQ: TSLA) after the company announced deliveries of 88,400 units. Tesla delivered 12.2k S/X models, flat yoy and 37% below Q4, and 76.2k Models 3/Y. The company produced 102,672 units, +33% yoy and almost matching Q4 production (-2%) despite the late March shutdown.

The analyst was impressed stating that this report "should be seen as positive given unusual seasonality where 50+% volume is delivered in the last month of each quarter. Focus ahead of Q1 results will be cash absorption from inventory/receivables (production c.14k units over deliveries) but
this should be partly offset by payables and independent data suggest Shanghai ramp-up on track".

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

Shares of Tesla closed at $513.14 yesterday.

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