Tesla -5% as Wall Street reactions to Battery Day start to pour in

Sep. 23, 2020 7:12 AM ETTesla, Inc. (TSLA)TSLABy: Clark Schultz, SA News Editor451 Comments
  • Tesla (NASDAQ:TSLA) is being sized up on Wall Street after the Battery Day event didn't quite live up to some of the high-flying expectations of some.
  • Deutsche Bank saw enough to hike its rating on TSLA to Buy from Hold and increase its price target to $500. Analyst Emmanuel Rosner says the big theme is that Tesla is extending its lead in EV technology.
  • Baird raised its price target to $360 from $332, but is naming Tesla a "bearish fresh pick" for investors to consider.
  • Wedbush analyst Dan Ives points to the long-term goals of 20M electric vehicles a year of production and the steep ramp up to 3 terawatt-hours a year by 2030. "Overall, Tesla gave some aggressive targets and goals which were impressive and sets the goal posts for the next few years on the battery and cost structure front," he says.
  • Bank of America calls the Battery Day event constructive overall even if the goals are lofty. However, the firm warns on the need for external funding to stay on track. "Ultimately, TSLA has shot the gap on certain fronts and is producing differentiated product in many ways. To fund core EV growth and initiatives announced at its Battery Day, we expect TSLA will look to raise low cost and widely available capital, likely well beyond its already announced intention to opportunistically raise $5bn in equity in early September," writes analyst John Murphy.
  • Shares of Tesla are down 4.68% premarket to $404.39 to follow on yesterday's 5.60% drop.

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