Although Tesla Motors Inc
FBN Securities’ Shebly Seyrafi retained an Outperform rating with a $260 price target.
Tesla reported deliveries at 24,807, broadly in-line with the 24,500 guidance, and projected a similar amount in Q4.
“Gigafactory construction and Model 3 development are on plan to support volume Model 3 production and deliveries in FH2 2017,” Seyrafi wrote.
Tesla’s plans for a $5 billion battery gigafactory in the Nevada desert were met with
The company reported revenue of $2.30 billion, representing 85 percent year-over-year growth, albeit missing the consensus expectation of $2.33 billion.
Tesla’s deliveries grew 114 percent year-over-year and 72 percent sequentially in the quarter. The company produced 25,185 vehicles, up 92 percent year-over-year and 37 percent sequentially.
Non-GAAP opex of $470.5 million was lower than the FBN estimate of $561.8 million.
“So the opex beat was the key source of the EPS beat,” Seyrafi pointed out.
Tesla maintained its guidance at ~50,000 new vehicle deliveries in the back half of 2016. The company plans for Q4 deliveries of merely 25,000.
“About 30-35% of the FQ4 deliveries are expected to be accounted for as leases for revenue recognition purposes,” the analyst mentioned.
The automaker had announced earlier this month that all-new vehicles would have
On Friday, Tesla and SolarCity Corp
|Oct 2016||Goldman Sachs||Maintains||Neutral|
|Oct 2016||Goldman Sachs||Downgrades||Buy||Neutral|
|Sep 2016||Cowen & Co.||Initiates Coverage on||Underperform|
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