Tesla (TSLA) PT Lowered to $1,000 at Credit Suisse, 'A challenged quarter, but long-term bull thesis intact'

June 24, 2022 4:56 AM EDT
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Price: $235.28 -5.68%

Rating Summary:
    30 Buy, 18 Hold, 10 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 4 | Down: 17 | New: 8
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Credit Suisse analyst Dan Levy lowered the price target on Tesla (NASDAQ: TSLA) to $1,000.00 (from $1,125.00) while maintaining a Outperform rating.

The analyst comments "We expect Tesla 2Q’22 deliveries of 242k vs. sell-side consensus of ~280k, largely driven by the Shanghai COVID shutdown. Moreover, given the lower deliveries outlook, the associated margin impact, and an expected Bitcoin impairment, we reduce our 2Q EPS estimate to $1.10 from $2.06, and below consensus $2.08. Nevertheless, we remain positive on Tesla, as the long-term fundamentals are intact – and the widening supply constraints will likely extend Tesla’s lead over other OEMs in the race to EV. We reaffirm our Outperform rating and remain positive on the stock, albeit we reduce our TP to $1,000 from $1,125 reflecting a higher discount rate."

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