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☆ Tesla is stuck in the mud
▼ + stars: | 2024-04-17 | by ( Graham Rapier | ) www.businessinsider.com time to read: +5 min

In all, Tesla said it would cut more than 10% of its workforce, amounting to more than 14,000 people. Tesla is also losing some key top executives: Drew Baglino and Rogan Patel announced this week they would leave the company. AdvertisementIt's unclear what, exactly, Tesla plans to show off in August as a self-driving, revenue-generating new product. He also reportedly said Tesla robotaxis would be able to do 100 hours of work a week for their owners. According to Reuters, Tesla has ended plans for another one of Musk's longtime pet projects: a truly affordable EV.

Persons: —, Elon Musk, Tesla, Drew Baglino, Rogan Patel, Baglino, Patel, Musk, Ryan Brinkman, Kelley, Adam Jonas Organizations: Service, Business, CNBC, Reuters, JPMorgan, US Locations: China, Europe, Asia, Mexico

☆ JPMorgan slashes Tesla price target, says sales miss threatens 'rarified valuation'
▼ + stars: | 2024-04-03 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Tesla stock has room to fall further after the electric vehicle maker missed first-quarter delivery estimates, according to JPMorgan. The bank reiterated an underweight rating on Elon Musk's company Wednesday but slashed its price target to $115 per share from $130. TSLA YTD mountain Tesla stock. "We are slashing our estimates and price target for Tesla shares after updating for 1Q24 deliveries which yesterday tracked materially softer than JPM and consensus expectations," JPMorgan analysts led by Ryan Brinkman wrote. Guggenheim Securities cut its Tesla price target to $122 from $132 on Wednesday, while Deutsche Bank reduced its target to $189 from $200.

Persons: Tesla, headwinds, Ryan Brinkman, Brinkman, — CNBC's Michael Bloom Organizations: JPMorgan, Elon, EV, Toyota, Guggenheim Securities, Deutsche Bank Locations: China

☆ Rivian gets a double downgrade from UBS, which says profitability will be harder to achieve
▼ + stars: | 2024-02-23 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

UBS issued a rare double-downgrade on Rivian , waving the warning flag amid signs of trouble for the battered electric vehicle stock. Analyst Joseph Spak lowered his rating to sell from buy and slashed his price target to $8 from $24. Spak's price target implies shares will fall 30.1% from Thursday's close. RIVN YTD mountain Rivian, year to date Rivian stock lost nearly 1% before the bell Friday. JPMorgan lowered its rating on the stock to underweight from neutral and cut its price target to $11.

Persons: Joseph Spak, Spak, there's, Rivian, Ryan Brinkman Organizations: UBS, UBS wasn't, JPMorgan Locations: Thursday's, Rivian

☆ JPMorgan sees Tesla dropping another 30%, says falling profits don't support high valuation
▼ + stars: | 2024-01-26 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

Tesla's stock faces plenty of downside as the automaker's strategy of slashing vehicle prices eats into profits without translating into substantially higher revenue, according to JPMorgan. Tesla's stock closed down 12% on Thursday after the automaker reported softer than expected earnings this week and warned that vehicle volume growth "may be notably lower" this year. While vehicle volume grew by 20% in the fourth quarter, actual automotive revenue was basically flat at 1% growth compared to the year-ago period, according to JPMorgan. "Tesla did not trade profits for sales as measured in revenue — it has traded profits for sales as measured in unit volume," Brinkman told clients. Profit expectations for Tesla have fallen substantially since October 2022 when analysts were forecasting $28.5 billion for 2024, according to JPMorgan.

Persons: Ryan Brinkman, Brinkman, Tesla Organizations: JPMorgan, Tesla

Analyst Ronald Epstein downgraded the stock to neutral from buy and lowered his price target to $225 from $255. The new price target implies just 5% upside from Wednesday's close. Analyst Jed Kelly has an outperform rating and $44 price target on shares, implying 14.4% upside potential since Thursday's close. Analyst Wamsi Mohan reiterated his buy rating on the stock and raised his price target to $200 from $170. Analyst Michael Sison lowered his price target to $69 from $85, implying just 7.5% upside from Wednesday's close.

Persons: Hertz, Ronald Epstein, Epstein, — Hakyung Kim, Oppenheimer, Jed Kelly, Kelly, DraftKings, aren't, Wamsi Mohan, Mohan, JPMorgan's Brian Essex, David Vogt, Essex, Vogt, Wells, DuPont Wells, —, Michael Sison, Sison, Kim, Downside, Tesla, Tesla's, Morgan Stanley's Adam Jonas, Jonas, Joseph Spak, inched, TSLA, Spak, Goldman Sachs, Mark Delaney, Dan Levy, Levy, Colin Langan, Langan, Toni Sacconaghi, Bernstein, JPMorgan downgrades, Ryan Brinkman, Fred Imbert Organizations: CNBC, Tesla, EV, Hertz, JPMorgan, Bank of America, Boeing, Alaska Airlines, of America, Federal Aviation Administration, FAA, IBM, UBS, PTI, bps, DuPont, DuPont de Nemours, Barclays, JPMorgan downgrades Hertz Locations: Alaska, Draftkings, Essex, Wednesday's, Wells Fargo, China, 2H24, Europe

☆ Elon Musk's demand for more Tesla control could weigh on the stock, analysts say
▼ + stars: | 2024-01-17 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

Elon Musk's apparent ultimatum to Tesla 's board of directors to acquire more control of the automaker could negatively weigh on its stock, analysts say. "Unless that is the case, I would prefer to build products outside of Tesla," Musk wrote . Investors will likely start to question Musk's recent track record at Tesla, Houchois wrote. Investors may also question corporate governance at Tesla given that they are learning about the compensation issues from Musk on social media, Brinkman wrote. Nevertheless, Jeffries expects Tesla's board will approve another CEO super-compensation scheme to keep AI developments within the Tesla fold, Houchois wrote.

Persons: Elon Musk's, Tesla, Musk, Ryan Brinkman, Brinkman, doesn't, Jefferies, Philippe Houchois, Houchois, Jeffries, Tesla's Organizations: Twitter, Tesla, JPMorgan Locations: Tesla, yesterday's

GM will report third-quarter results Oct. 24, with Ford following on Oct. 26. The strikes have costing GM and Ford more than $500 million, JP Morgan analyst Ryan Brinkman estimated in a note Monday. Ford is now losing $44 million a day, while GM is losing $21 million a day, Brinkman estimated. GM and Ford shares have fallen sharply since July as the standoff with the UAW has intensified. GM has set up a new, $6 billion credit line as insurance against an expanded UAW strike.

Persons: Rebecca Cook, Morgan Stanley, Adam Jonas, Morgan, Ryan Brinkman, Ford, Brinkman, Shawn Fain, Fain, Mich, Farley, Tim Piechowski, Joe White, David Evans Organizations: Rouge Electric Vehicle, REUTERS, Rights, General Motors, Ford, United Auto Workers, GM, Ford's, Kentucky, Detroit, EV, UAW, Capital Research, Investments, Thomson Locations: Dearborn , Michigan, U.S, Ford's Kentucky, Marshall

☆ Ford says Tesla is 'loving this strike' as it pleads for a deal with the UAW
▼ + stars: | 2023-10-16 | by ( Nora Naughton | ) www.businessinsider.com time to read: +4 min

"Toyota, Honda, Tesla, and others are loving this strike," Bill Ford said Monday. Analysts have already said Tesla is winning the UAW strike. "Toyota, Honda, Tesla, and others are loving this strike because they know the longer it goes on, the better it is for them. But a fresh analysis released by the bank's analysts Monday found that, with Kentucky Truck down, the UAW strike has now cost Ford an estimated $517 million to GM's estimated $507 million. AdvertisementAdvertisementOne analyst called the UAW's strike a "nightmare scenario" for the Detroit Three, whose electric vehicle business models would be "torpedoed" by the UAW's demands.

Persons: Bill Ford, Ford, Tesla, —, Henry Ford, Stellantis, Ryan Brinkman, Shawn Fain, Fain, Dan Ives Organizations: Toyota, Honda, Kentucky, UAW, Service, United Auto Workers, Ford, Detroit, GM, Kentucky Truck, JPMorgan, General Motors, Wall Street Locations: Detroit, Kentucky

☆ These are JPMorgan’s top stocks for October
▼ + stars: | 2023-10-02 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +2 min

JPMorgan added three new stocks to its list of top names for October, including a sports betting company that has had a massive rally since the start of the year. The focus list comprises the top ideas of the bank's equity analysts spanning growth, value and short investment strategies. The bank has a $60 price target, more than 13% above the stock's $52.80 close on Friday. Returning names to the list include value stock General Motors , which is down 3% this year. Analyst Tessa Romero's $26 price target implies shares could rise more than 353% from their Friday close of $5.73.

Persons: Joseph Greff, Robbie Marcus, Greff, Ryan Brinkman's, Tessa Romero's, — CNBC's Michael Bloom Organizations: JPMorgan, Boston Scientific, Wynn Resorts, Boston, Motors, United Auto Workers, Ford Motor, Edgewise Therapeutics, Boyd Gaming Locations: DraftKings, Macau, China, UAE

☆ 'Long path to profitability:' What analysts are saying about Rivian's second-quarter numbers
▼ + stars: | 2023-08-09 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

RIVN YTD mountain RIvian in 2023 But while analysts noted Rivian is on the right track, they still see headwinds that can keep the stock price at bay. However, his price target implies 3% downside from Tuesday's close. He raised his price target to $23 from $18, but that still implies downside of 7.3% over the next 12 months. JPMorgan's Ryan Brinkman is also neutral on Rivian stock, albeit with a $19 per share price target. The analyst reiterated a buy rating on Rivian stock with a $40 per share price target, equating to about 61% upside from Tuesday's close.

Persons: Rivian, Morgan Stanley's Adam Jonas, Jonas, Goldman Sachs, Mark Delaney, Delaney, JPMorgan's Ryan Brinkman, Brinkman, Bank of America's John Murphy, RIVN, Murphy, Michael Bloom Organizations: Bank of America's Locations: North America

☆ 'Margins, margins, margins': Here's what Wall Street is looking for in Tesla's 2nd-quarter earnings
▼ + stars: | 2023-07-19 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

Wall Street is laser focused on the company's profit margins after the company cut prices for its vehicles. Here's what Wall Street expects from the EV maker's upcoming earnings report. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. "Margins, margins, margins," Wedbush analyst Dan Ives wrote in a Monday note. Ultimately, Tesla's price cuts have clear implications for the company's long-term earnings power, and therefore the price of its stock.

Persons: Tesla, Dan Ives, Ives, Ryan Brinkman, " Brinkman Organizations: EV, Service, Wall Street, Ford, General Motors, Tesla, Yahoo Finance, JPMorgan, Bloomberg Locations: Wall, Silicon

☆ Elon Musk's price cuts at Tesla are working – for now
▼ + stars: | 2023-04-03 | by ( Nora Naughton | ) www.businessinsider.com time to read: +4 min

Tesla reported record-breaking Q1 deliveries of 422,875 vehicles. Analysts warn price cuts alone can't keep competition at bay. This record-breaking first-quarter delivery report from comes after Tesla engaged in a series of price cuts and other purchase incentives for the last several months, a move that some investors worried would have too much adverse impact on the company's profit margins. Other analysts and industry experts initially wondered if Musk was using price cuts to turn Tesla's demand problem into an advantage over his competitors. But analysts warn that price cuts alone cannot stave off competition forever.

☆ Why some Wall Street analysts think Tesla may have more price cuts ahead
▼ + stars: | 2023-04-03 | by ( Alex Harring | ) www.cnbc.com time to read: +4 min

He also said that price cuts reflect an industry leader's structural advantage that, while pressuring margins, can squeeze competition. Tesla's cuts were seen as catalysts in a "price war," as legacy automakers such as Ford followed in slashing prices for their electric vehicles. That places him in the majority, with more than half of analysts rating Tesla a buy, according to Refinitiv. Brinkman also said price cuts hurt Tesla more than legacy automakers. "We are of the opinion that without the aggressive price cuts, Tesla sales may not have grown on a sequential basis, a sign that even the most dominant EV player is not invulnerable to a slowing macro and competition."

☆ Here's what every major analyst thought of Tesla's investor day
▼ + stars: | 2023-03-02 | by ( Alex Harring | ) www.cnbc.com time to read: +6 min

Analysts aren't budging on Tesla coming off an investor day that they see as offering little detail on the electric vehicle maker's future plans. Bernstein analyst Toni Sacconaghi, a noted bear on the stock, called the meeting "somewhat disjointed and fairly technical." The investor day came as investors grow increasingly cautious following Musk's chaotic purchase of Twitter and recent price cuts to some Tesla models . Wells Fargo Analyst: Colin Langan Price target: $190, a downside of 6.3% from Wednesday's close Rating: Staying equal weight "It's unclear how long the recent Model3/Y price cuts will sustain demand. There was also no comment on a Model 3/Y refresh or any major update on Tesla Bot or FSD.

"We're going to see in 2023, there is still going to be volatility around chips," Ford Chief Financial Officer John Lawler said on Thursday. By the end of 2023, almost 18 million vehicles will have been removed from production plans since the chip shortage started, according to Auto Forecast Solutions. Japan's Denso Corp (6902.T), a leading supplier to Toyota Motor Corp (7203.T), on Friday slashed its annual profit forecast and warned the chip shortage could cause auto production cuts. Toyota in November cut its vehicle production projection for the current financial year through March due to the chip shortage. The head of another auto supplier, Aptiv Plc (APTV.N), which makes advanced driver assistance systems, vehicle computers and high-voltage cabling, said the impact of the chip shortage is not evenly felt.

Musk is defending against claims he defrauded investors by tweeting on Aug. 7, 2018, that he had "funding secured" to take Tesla private at $420 per share, and that "investor support is confirmed." Musk testified for about five hours on Monday and for less than 30 minutes on Friday. Tesla's stock price surged after Musk's 2018 tweets, only to fall as it became clear the buyout would not happen. Musk testified that when tweeting about the financing, he was saying "not that it will happen, but that I am thinking about it," and that it was his "opinion" that funding was secured. Musk said the fund's governor, Yasir Al-Rumayyan, later backpedaled on the commitment to take Tesla private.

☆ Some analysts see a buying opportunity in Tesla for 2023 despite persistent demand pressures
▼ + stars: | 2023-01-03 | by ( Sarah Min | ) www.cnbc.com time to read: +4 min

Some Wall Street analysts see a buying opportunity in Tesla in 2023 — though others think the car maker's recent deliveries miss spells trouble for the electric vehicle maker. Kallo's $252 price target implies the stock can more than double from Friday's closing price of $123.18. The anayst reiterated a buy rating on Tesla, and maintained a $275 price target. Bernstein's Toni Sacconaghi also had an underperform rating on the stock, saying he expects that consensus estimates are too high, and that demand pressures will continue for Tesla. His $150 price target represents roughly 22% upside for shares of Tesla.

☆ The biggest losers of 2022 are bouncing back to start the new year — with one notable exception
▼ + stars: | 2023-01-03 | by ( Jesse Pound | ) www.cnbc.com time to read: +1 min

Many of the worst performing stocks of last year are poised to start off 2023 on the right foot as Wall Street looks to rebound. Major stocks that were down more than 50% or more were nearly all moving higher in premarket trading on Tuesday. The electric vehicle stock, which fell almost 70% last year, was down another 3.8% in premarket trading. Tesla fell below $119 per share in premarket trading. To be sure, premarket trading of stocks tends to be thin, and Tuesday's moves could reverse once the market opens.

☆ Stocks making the biggest moves premarket: Tesla, Coty, PayPal and more
▼ + stars: | 2023-01-03 | by ( Michelle Fox | ) www.cnbc.com time to read: +1 min

A Tesla vehicle is displayed in a Manhattan dealership on January 30, 2020 in New York City. Check out the companies making the biggest moves in the premarket:Tesla — Shares fell 5% after reporting a record 40% growth in deliveries. JPMorgan analyst Ryan Brinkman cut his price target on the stock Tuesday, saying he sees more downside ahead. Coty is increasing exposure to China and travel retail, which should allow for recovery tailwinds, analyst Korinne Wolfmeyer said. PayPal — Shares gained nearly 3% premarket following an upgrade to a buy from a hold rating by Truist.

☆ EV stocks face another turbulent year, but some names are set for big gains, analysts say
▼ + stars: | 2022-12-24 | by ( Alex Harring | ) www.cnbc.com time to read: +6 min

Electric vehicles remain hot Meanwhile, electric vehicles have a tailwind from new legislation. Meanwhile, Cantor Fitzgerald began coverage of Rivian on Dec. 20 with a $30 price target, which marks nearly 57% upside from Friday's close. The average analyst has a target price of $44.88 on the stock, reflecting potential upside of 134%, according to FactSet. Legacy automakers try to catch up Ford and General Motors are trying to gain ground within electric vehicle production. Goldman Sachs' Delaney said the firm currently prefers GM to Ford given its "head start" on electric vehicles.

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