Tesla Analysts On Shareholder Meeting: Narrative 'Overly Negative,' 'Herculean Task' In Production Goals
Investors and analysts still aren't fully charged up on Tesla Inc. (NASDAQ: TSLA) despite CEO Elon Musk’s assertion that the company could have a “shot at a record quarter on every level” during the electric carmaker's Tuesday shareholder meeting. Tesla's share price has dropped through most of the year and was at a two-year low this week, with investors and analysts concerned about lagging demand due to the high price of the company's signature car and a reduced tax credit. Baird Equity Research analyst Ben Kallo reiterated an Outperform rating on Tesla with a $340 price target on Wednesday. The automaker's production guidance for the quarter and full year may be too aggressive, Ives said, particularly the 360,000-400,000 unit forecast for the year, which he said “is going to be a Herculean task.” Tesla’s guidance is well above Wedbush’s base estimate of 340,00 to 355,000 units.