Tesla (TSLA) Pushes Some Analysts to Lower Delivery Numbers - GLJ Research

March 31, 2020 3:58 PM EDT
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Several analysts cut numbers of Tesla (NASDAQ: TSLA) today (JMP, Credit Suisse) and according to GLJ Research analyst Gordon Johnson this was no coincidence.

"First off, we note that in the guidance TSLA sent to select sell-side analysts yesterday (despite us requesting these numbers today, the company still has not sent them to us), the number of ests. for the pre-COVID shipments for 1Q20 of 87.7K consisted of 20 analysts figures taken, while the number of ests. for the post-COVID 1Q20 deliveries of 79.9K consists of just 10 analyst figures taken," Johnson commented.

"Stated differently, it seems TSLA is cherry picking numbers here to point select investors to a lower 1Q20 result (our opinion)," Johnson commented. "Why else reduce the number of ests. from analysts by 50%?"

He concludes "It would seem that TSLA is strongly pushing folks to a 79.9K delivery est. for 1Q20."

He reminds investors that Tesla did the same thing in 1Q19 – "i.e., pushed analysts to a lower 1Q19 delivery number by sending out a similar email. The company missed the low-end of that figure, and their stock fell ~50% over the first six months of 2019."

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