Tesla (TSLA) Gross Margin Improvement Does Not Change Terminal Value, Citi Reiterates Sell
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Citi analyst Itay Michaeli reiterated a Sell rating and $117.00 price target on Tesla (NASDAQ: TSLA) after the company delivered a solid Q3 operating beat, largely on a stronger QoQ incremental auto gross margin reflecting improved execution (Model Y ramp) and benefits from localization (Shanghai Model 3). There were no major changes to the company’s Q4 targets or materially new FSD developments.
The analyst stated "we don’t think the quarter changes the LT terminal value debate much—when viewed in relation to the current stock price—but it does demonstrate improved gross margin execution, which is an incremental positive in light of price cuts that occurred into Q3".
Shares of Tesla closed at $443.15 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View
Related EntitiesCiti, Tesla, Model 3
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