Tesla (TSLA) Loss Narrowed By 70% at Citi Ahead of Earnings
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Citi analyst, Itay Michaeli, reiterated a Sell rating and $191.00 price target on Tesla (NASDAQ: TSLA) but updated his estimates to include the most recent delivery information ahead of the company's Q2 report on Wednesday after the close. The new Q2 non-GAAP EPS loss estimate narrows from $1.52 to $0.45 and includes a slight non-GAAP EBIT profit.
The analyst stated "After a better Q2 delivery outcome, we’ll be watching Tesla’s ASPs and resulting clean automotive gross margin (ex. credits). We view an auto gross margin in the range of 21-23% as a decent benchmark whereby anything materially lower would support the bear case on Tesla’s profitability, and anything materially higher would support the bull case".
Shares of Tesla closed at $257.87 yesterday.
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