UPDATE: JMP Securities Downgrades Tesla (TSLA) to Market Perform
- S&P 500, Dow end at record highs as weak jobs data eases rate worries
- U.S. Added Only 266,000 Jobs in April, Well Below Estimates
- Roku (ROKU) Surges After Crushing Profit Estimates to Prompt an Upgrade to 'Buy' at Loop Capital
- Dollar broadly weaker after U.S. jobs data disappoint
- Square (SQ) Tops Q1 EPS by 25c
JMP Securities analyst Joseph Osha downgraded Tesla (NASDAQ: TSLA) from Market Outperform to Market Perform.
The analyst comments "Moving recommendation to Market Perform. We roll our numbers forward, the result being that the 2025 estimates we use to value the stock have risen. At this point, however, even looking at other category-killer technology companies, we cannot justify higher target multiples than 7x revenue and 35x EBITDA, which is where we have been. Discounting those outcomes back to the present at 8%, which again is consistent with our previous approach, suggests that the stock is fairly valued. We will continue to look at our growth profile for insight into whether there is additional upside to the stock – we believe that makes more sense than simply continuing to raise target multiples."
Shares of Tesla closed at $864.16 yesterday.
You May Also Be Interested In
- Ark's Cathie Wood thinks Twitter (TWTR) tipping could be bigger deal than anticipated
- Magellan Aerospace Corp. (MAL:CN) (MALJF) PT Raised to Cdn$11.50 at TD Securities
- CIGNA (CI) PT Raised to $284 at Cantor Fitzgerald
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Downgrades, Hot Comments, Hot Downgrades
Related EntitiesJMP Securities, Tesla
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!