Tesla (TSLA) Thoughts After Factory Tour - Baird
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Baird analyst Ben Kallo reiterated an Outperform rating and $355.00 price target on Tesla (NASDAQ: TSLA) on the belief that 2020 offers several drivers of earnings growth including: ramp of Model 3 production in Fremont and China, introduction of the Model Y (volume production expected mid-2020), and FCA credits (starting in earnest in Q1:20). The analyst also toured the Fremont factory offering 4 takeaways:
- The Shanghai factory is a significant driver, but only one step of process in global growth.
- Model Y volume production (~1k vehicles/week) on track for mid-2020.
- The Cybertruck unveiling generated some headlines, but the primary focuses should be on: Model 3, Model Y, cash generation, and Tesla Energy.
- TSLA recently announced it will begin charging $10/month for“premium connectivity” features, which should provide a margin lift and generate recurring cash flow.
Shares of Tesla closed at $350.29 yesterday.
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Related EntitiesRobert W Baird, Tesla, Earnings, Ben Kallo, Model 3
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