Nomura/Instinet Starts Tesla Motors (TSLA) at Buy, Street High
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(Updated - October 3, 2017 4:13 PM EDT)
(updated to add analyst comment)
Nomura/Instinet initiates coverage on Tesla Motors (NASDAQ: TSLA) with a Buy rating and a price target of $500.00.
Analyst Romit Shah forecasts "unprecedented" revenue gains for the company ($8 billion in 2016 to $58 billion in 2021). The analyst believes the company has "an insurmountable lead in vehicle range per dollar", benefits from largely inferior competitive field which should drive growth at current levels, will work through Model 3 production problems, and generate upwards of mid-to-high 20% GMs by 2020.
The PT is based on 2.1x 2021 estimated sales.
FY 2017 EPS estimate is for ($6.53) and FY 2018 EPS estimate is for $(0.03).
Shares of Tesla Motors closed at $341.53 yesterday.
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Related EntitiesNomura, Tesla, Model 3
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