UPDATE: Tesla (TSLA) PT Raised to $312 at Citi

February 25, 2020 6:18 AM EST
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Price: $629.04 -6.44%

Rating Summary:
    21 Buy, 21 Hold, 11 Sell

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    Up: 2 | Down: 3 | New: 10
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(Updated - February 25, 2020 6:20 AM EST)

(updating comment)

Citi analyst Itay Michaeli raised the price target on Tesla (NASDAQ: TSLA) to $312.00 (from $222.00) while maintaining a Sell rating.

The analyst comments "We’re updating our model for the recent 10K filing/Q4 results and capital raise. What’s changed? As previously noted, Tesla’s Q4 results were somewhat ahead of expectations, and the recent capital raise wisely de-risked the balance sheet. Accordingly, we’re raising our price target to $312 from $222 mostly to reflect improved probability-weighted terminal value outcomes. Our target also equates to 9.7x 2022E EV/EBITDA and ~18x P/E. What hasn’t changed? Our view that the current bull case narrative appears premised on a number of flawed extrapolations & data interpretations. At current levels, it’s not about being bullish or bearish, but rather about assessing risk/reward. We appreciate the appeal of the Tesla LT upside potential story, but even under a blue-sky/thematic lens (Car of the Future, ESG), we see more powerful storylines with more compelling risk/reward propositions in shared mobility (EV/AVs in particular), including the likes of GM/Cruise and Uber."

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