Tesla Shares rose 11% on Thursday morning after beating the top and bottom lines, despite analysts’ mixed sentiments about the electric car maker’s outlook.
Tesla will cut prices through the end of 2022 and into 2023, and the move appears to have stimulated demand. Musk has given a modest but optimistic outlook for his 2023 production. ‘” Musk told analysts.
“We had our strongest orders so far in January so far,” Tesla CEO Elon Musk said in a call to investors Wednesday. We have orders.” Tesla reported fourth-quarter auto sales of $21.3 billion and adjusted earnings per share of $1.19.
Analyst reactions to Tesla’s report were mixed. “Something for the Bulls and the Bears,” read the headline in Bernstein’s Thursday morning report. Bernstein reiterated its underperforming rating, noting that it remains “torn in TSLA stock.” Morgan Stanley’s Adam Jonas was more optimistic, repeating his overweight rating with a price target of $220.
“It’s better than we feared,” Canaccord Genuity analyst George Gianarikas wrote in a note Wednesday night. Canaccord maintained his buy rating with a target price of $275.
Tesla’s 5-day performance starting January 20th
Tesla didn’t provide new guidance, but said in its earnings call that it plans to “expand production as soon as possible, in line with the 50% compound annual growth rate target it began to guide in early 2021.” Said there was
CNBC’s Lora Kolodny and Michael Bloom contributed to this report.
