BofA Securities analyst John Murphy reiterated a Neutral rating and $1,300.00 price target on Tesla (NASDAQ: TSLA) after the company reported 1Q:22 non-GAAP EPS of $3.22, well above the Bloomberg consensus of $2.27. Free cash flow was also a positive surprise in the quarter, specifically reported FCF of $2.2bn, further adding credence to the notion that TSLA has now reached self-funding status.

Despite the upside, the analyst reiterated the Neutral rating, stating "despite the solid 1Q:22 performance, we have trepidation that TSLA stock may already be priced for perfection (or at least priced for hyperbolic growth), such that near-term earnings beats may be insufficient to get bulls incrementally positive on the stock. With this in mind, we reiterate our Neutral rating."

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Shares of Tesla closed at $977.20 yesterday.