UPDATE: Tesla (TSLA) PT Lowered to $1,123 at Argus
Argus analyst Bill Selesky lowered the price target on Tesla (NASDAQ: TSLA) to $1,123.00 (from $1,313.00) while maintaining a Buy rating.
The analyst comments "We are reiterating our BUY rating on Tesla Inc. (NGS: TSLA) with a revised price target of $1,123, reduced from $1,313 to reflect recent multiple compression in high-profile growth stocks. We see Tesla as the undisputed leader in the electric vehicle (EV) industry despite growing competition, with its Model S, Model 3, Model X, Model Y, and upcoming Cybertruck and Semi truck offerings. Tesla ranked No. 1 in EV sales in 2019, 2020, and 2021, and has both industry-leading technology and manufacturing capabilities and unparalleled brand recognition. The company posted stronger-than-expected 2Q results as strong deliveries more than offset the impact of the semiconductor shortage and other supply-chain disruptions - including the shutdown of the company's Shanghai factory in April. We expect Tesla to report strong revenue and higher automotive gross margins over the remainder of the year, setting the stage for further earnings growth. We also like the company's plan to open its Supercharger Network to non-Tesla vehicles, which should be an important new source of revenue. We note that the Supercharger Network is the largest fast-charging network in the world, with 3,971 Supercharger's in operation at the end of 2Q, up 34% from the prior year."