UPDATE: Wedbush Reiterates Outperform Rating, Lowers PT on Tesla Motors Following Solid 3Q13 Results, But Short of Estimates

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In a report published Wednesday, Wedbush analyst Craig Irwin reiterated an Outperform rating on
Tesla MotorsTSLA
, but lowered the price target from $240.00 to $205.00. In the report, Wedbush noted, “Tesla posted solid 3Q13 financial results, beating across the board, but not as much as seems to have been needed, and, while deliveries were ahead of guidance and consensus, they fell short of our more bullish estimates. 3Q13 NG-revenue/adjusted-EPS were $602.6m/$0.12 vs. our estimate of $583.2m/$0.11 and the consensus $534.6m/$0.11. Q13 non-GAAP gross margins were 22.3%, vs. our estimate of 20.5%, consensus of 22.4% and company guidance of low 20s. Tesla made slightly over 5,500 Model S deliveries in 3Q13 vs. the guide of 5,000 units, the StreetAccount consensus of 5,360 units and our more bullish 5,850 unit estimate. Revenue and EPS ahead were delivered by strong gross margins from a favorable mix shift with 3Q13 average ASPs rising to $103k from $90k in 2Q13.” Tesla Motors closed on Tuesday at $176.80.
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Posted In: Analyst ColorPrice TargetAnalyst RatingsCraig IrwinWedbush
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