Tesla (TSLA) Model 3 Demand Is Being Underestimated By The Street, Reit JMP Securities
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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%".
Shares of Tesla closed at $230.18 yesterday.
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