Roth reiterates Neutral rating for Tesla after disappointing 1Q delivery numbers
Roth Capital Partners reiterated its rating and price target for Tesla (NASDAQ:TSLA) Thursday – right after the electric carmaker’s stock fell more than 8% on disappointing first-quarter delivery numbers.
Roth stuck to its Neutral rating and $270 price target for the Pala Alto, California company.
Shares were up 2.7% Friday to $274.96.
The firm was particularly alarmed by Tesla’s 12,100 Model S and Model X delivery numbers, a drop to less than half of the 27,600 in the quarter before.
READ: Tesla plunges in New York as it posts biggest sales drop in its history
“Tesla’s cars are just too expensive for the niche of the market they are chasing,” Roth analysts wrote.
Also concerning was Tesla’s lack of advantage on battery costs. According to METI data, Japan automotive Lithium ion cells price at $240 per kilowatt hour. Tesla buys 80% of its batteries, Roth wrote, which makes Tesla’s estimate of battery costs between $100 and $150 per kilowatt hour seem laughable.
The analyst correctly predicted that no major action was likely to come of CEO Elon Musk’s contempt court hearing. On Thursday, Judge Allison Nathan gave Musk and the SEC two weeks to work out their differences. The SEC wanted to hold Musk in contempt for Tweeting without company approval in violation of their fraud agreement.
Contact Andrew Kessel at [email protected]
Follow him on Twitter @andrew_kessel
Story by ProactiveInvestors
Source: https://www.proactiveinvestors.com/companies/news/218087/roth-reiterates-neutral-rating-for-tesla-after-disappointing-1q-delivery-numbers-218087.html
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Please Help Support BeforeitsNews by trying our Natural Health Products below!
Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST
Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!
HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.
Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.
MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video).