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CFRA REITERATES [STRONG BUY] OPINION ON SHARES OF TESLA INC.

admin 2023.01.02 21:41 Views : 62

CFRA REITERATES STRONG BUY OPINION ON SHARES OF TESLA INC.

 
We maintain a 12-month price target of $225, based on a '24 P/E of 33x, justified by long-term growth expectations. We lower our '22 adjusted EPS estimate by $0.05 to $3.95, while leaving '23 and '24 unchanged at $5.60 and $6.80, respectively. TSLA posts Q4 vehicle sales of 405,278 units (+31% Y/Y), a record high but short of the 417,957 consensus. Production came in at 439,701 units, marking the third straight quarter where TSLA's production has exceeded sales and we believe helps explain planned downtime at the Shanghai plant. After a difficult year for EV manufacturer equities such as Tesla, Lucid, and Rivian, we are bullish on TSLA in 2023 with a potential stock buyback looming, lower-priced versions of the Model 3 and Model Y having now become eligible for the $7,500 federal EV tax credit, and see its volumes hitting new record highs as Austin and Berlin continue to ramp up and it achieves first deliveries of the Cybertruck, which boasts the industry's strongest order backlog of any forthcoming EV model.
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