Tesla (TSLA) PT Raised to $325 at BofA Securities

BofA Securities analyst John Murphy raised the price target on Tesla (NASDAQ: TSLA) to $325.00 (from $315.00) while maintaining a Neutral rating following Q3 results.

The analyst commented, "SLA reported 3Q:22 non-GAAP EPS of $1.05, above both our estimate of $0.95 and the Street at $1.01 (Bloomberg), both of which had been revised downwards prior to the quarter following a lower deliveries report (see the report: Back to the future in 3Q:22). The bottom line beat relative to our estimates was driven largely by stronger revenue and ensuing operating leverage. Total revenue came in just ahead of our estimates, with higher sales driven by Energy Storage and Services & Other. Following the quarter, we are adjusting our forward estimates and raising our PO to $325 from $315, still based on ~13x EV/Sales and ~55x EV/EBITDA on our 2023 estimates, as well as on a capital-induced growth valuation framework through 2025E (~3.5x EV/Sales, ~22x EV/EBITDA)."

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