Tesla (TSLA) Results Were Noisy, Piper Sandler Reiterates Overweight

Piper Sandler analyst Alexander Potter reiterated an Overweight rating and $515.00 price target on Tesla (NASDAQ: TSLA) after shares were indicated lower by ~5% in after-hours trading, following Q4 results that generally missed expectations.

The analyst stated "The results were noisy, and while the optics were bad, we wouldn't be drawing meaningfully bearish conclusions based on this report. Longer-term guidance re: delivery growth remains intact, and most drivers of margin downside were transitory in nature. Examples included COVID-related logistics costs, preparatory investments in advance of new product introductions, a warranty charge, price cuts on outdated inventory (Model S and Model X), and various one-time stock-based comp awards. We are in the process of redesigning our model, but updated estimates will be forthcoming."

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 $812.00 yesterday.

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