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Tesla Energy’s brand and strategic value recognized by Cannacord Genuity

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Canaccord Genuity maintains a positive outlook for Tesla Energy’s future after TSLA’s Q1 2021 earnings call. In a note shared by Street Guru, Canaccord wrote that Tesla is becoming “The Brand” in energy generation and storage. 

Canaccord maintains a BUY rating for TSLA but reduced its price target from $1,071 to $971 to reflect near-term headwinds. The company arrived at its price point by applying 60 times their 24 EV/EBITDA estimate of $18 billion, reported Clean Technica

Canaccord expects accelerated growth in Tesla’s energy generation and storage business. It estimates that Tesla Energy’s business will grow conservative above $8 billion in revenue in 2025 with gross margins at parity or better than its BEV business. 

In the last few earnings calls, Tesla has reported a significant growth in its energy generation, and storage business contributed to the rising demand for its Megapack in Powerwall products. 

In the Q4 2020 Update Letter, Tesla shared that its battery deployments surpassed 3 GWh, an increase of 83% compared to the previous year, thanks in part to the popularity of the Megapack. According to Canaccord, Tesla announced that the Megapack would be using LFP cathode batteries moving forward, similar to the ones used by Giga Shanghai’s MIC Model 3 and Model Y. 

In the latest Update Letter, Tesla shared that its energy storage deployments grew 71% YoY in the first quarter, mainly due to the popularity of the Powerwall. Tesla also reported its strongest quarter for Solar Retrofit and Solar Roof products. It reached 92 MW solar deployments in Q1 2021, with Solar Roof installations growing 9x compared to the same period last year. Before the first-quarter earnings call, Tesla announced Powerwall and solar products would be sold as an integrated system instead of separately. 

Tesla’s latest moves with the Megapack, Powerwall and solar products signifies a shift in the company’s strategies in its energy business. It also reveals Tesla’s renewed focus on growing its energy generation and storage business.

The Teslarati team would appreciate hearing from you. If you have any tips, email us at [email protected] or reach out to me at [email protected].

The post Tesla Energy’s brand and strategic value recognized by Cannacord Genuity appeared first on TESLARATI.


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