Tesla (TSLA) PT Reduced to $191 at Citi on Lack of Rebound Post Deal

May 22, 2019 6:32 AM EDT
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Price: $629.04 -6.44%

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    21 Buy, 21 Hold, 11 Sell

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    Up: 22 | Down: 17 | New: 45
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Citi analyst Itay Michaeli reduced the price target on Tesla (NASDAQ: TSLA) to $191.00 (from $238.00) on lower expectations for Q1 results.

The analyst stated "the risk/reward still appears negatively skewed despite the recent capital raise and stock pullback, mainly on lingering demand/FCF concerns (May 16th reported cost cutting memo, Model S/X price cuts, China risks). Reducing estimates to reflect the recent capital raise, Q1 results/guide and our own inputs (Citi deliveries < guide). Target goes to $191 from $238 on: (a) modestly lower terminal value margins reflecting our reduced 2019-21 estimates; (b) adjusting our Full Bull/Moderate Bull/Full Bear probability scenario weightings to
5/55/40 from 10/55/35, post the Q1 guide.maintaining a Sell rating".

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