Tesla (TSLA) PT Raised to $939 at Piper Sandler
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Piper Sandler analyst Alexander Potter raised the price target on Tesla (NASDAQ: TSLA) to $939.00 (from $819.00) after revenue of $5,985M exceeded consensus of $5,827M. Non-GAAP EPS of $1.14 also handily exceeded Street forecasts of $(0.35) due to exceptionally strong gross margins. Management suspended delivery guidance due to COVID-19, but reiterated that Tesla has the capacity to exceed 500k deliveries in 2020, as originally forecast.
The analyst maintained an Overweight rating, stating "We are hiking our DCF-based price target to $939, up from $819 previously, due mostly to the aforementioned adjustments to gross margins and capex. Our WACC is also rising by 20bps (to 8.0% from 7.8%), due to updated assumptions re: capital structure to reflect the Q1 results. Indications re: demand suggest that we may eventually need to increase our market share assumptions as well, but for now, we are keeping our 2020/2021 revenue estimates mostly unchanged".
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