4 Takeaways from the Tesla (TSLA) Report, PT Raised to $800 at BofA Securities

July 27, 2021 6:16 AM EDT
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BofA Securities analyst John Murphy raised the price target on Tesla (NASDAQ: TSLA) to $800.00 (from $750.00) while maintaining a Neutral rating after the company reported 2Q:21 non-GAAP EPS of $1.45, above the Bloomberg consensus of $0.97. 4 Key points stood out:

1) Revenue came in well ahead of our estimates, driven largely by positive pricing as deliveries were more in line, along with stronger revenue in adjacent businesses
2) Gross margins came in better across the board, helped by price dynamics
3) Operating expenses were below estimates, driving a significant operating beat and EPS beat even with lower add-back for stock-based comp
4) Free cash flow was also stronger than expectations.

The analyst stated "Following the 2Q:21 beat, we are raising our forward estimates and our PO from $750 to $800, based on ~17x EV/Sales and ~89x EV/EBITDA on our 2021-2022E (prior ~19x and 98x, compensating for higher forward estimates)."

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