Tesla (TSLA) Model 3 Demand Is Being Underestimated By The Street, Reit JMP Securities

July 1, 2019 6:28 AM EDT
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Price: $646.98 --0%

Rating Summary:
    22 Buy, 22 Hold, 11 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 13 | Down: 11 | New: 17
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JMP Securities analyst Joseph Osha reiterated a Market Outperform rating and $347.00 price target on Tesla (NASDAQ: TSLA) as well as his above consensus unit production forecast of 97,000 vs consensus of 84,000, All of the upside is coming from Model 3 volume.

The analyst stated "we think the Street is underestimating the pace of recovery in Model 3 demand in the U.S., and additionally is not accounting for a full quarter of Model 3 exports. From a valuation standpoint, we continue to use 2020E target multiples of 2.5x EV/Revenue, 15x EV/EBITDA, and 35x free cash flow, with the resulting valuation discounted back to the present at 10%".

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 $230.18 yesterday.

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JMP Securities, Tesla, Model 3