Wedbush Reiterates Neutral Rating on Tesla (TSLA)
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Wedbush analyst Daniel Ives reiterated a Neutral rating and $950.00 price target on Tesla (NASDAQ: TSLA) after the company reported total revenues beat expectations at $10.74 billion vs. the Street's $10.47 billion. Software upgrades and strong growth out of China are driving the growth story. Pro-forma EPS of $0.80 fell short of the Street's $1.02 estimate but going forward the core profitability picture continues to improve at an accelerated rate which the analyst believes is key for the bulls.
The analyst stated "Importantly, all eyes will be focused on the company's delivery unit guidance for 2021, with the trajectory looking like ~750k to 800k with our view that the 1 million threshold could be hit by 2022 for Tesla."
Shares of Tesla closed at $818.00 yesterday.
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