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A Tesla, Inc. (NASDAQ:TSLA) bull came away from the company's annual shareholder meeting with increased confidence and clarity regarding the future outlook.
Musk Committed To Tesla: "We continue to believe this is a rejuvenated Musk that now can focus more of his energy and time around Tesla," Wedbush analyst Daniel Ives said in a note. The belief is premised on Musk's decision to hand over the Twitter CEO role to digital advertising veteran Linda Yaccarino.
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Twitter, according to the analyst, was a distraction for Musk. Investors will likely be happy to see him stay in more of a chief technology officer or product role at Twitter, he added.
"As for Musk, we believe he will be CEO of Tesla at least for the next five years with the FSD, Cybertruck, global production expansion and new model development," Ives said. These, according to the analyst, are key endeavors Musk will be overseeing in the coming years.
See Also: Everything You Need To Know About Tesla Stock
Choppy Quarters Ahead: Ives suggested that Tesla investors should brace for a bit of choppiness around margins vs. units in the next few quarters. The company is dealing with a price war in China and the macroeconomy is showing softness, he noted.
The analyst, however, continues to believe that company can hit the 1.8 million-unit delivery target for 2023. Auto margins will likely stabilize over the coming quarters, he said.
Advertising – A Major Positive: Musk's changed stance toward Tesla advertising its EVs is a major positive, Ives said. Many parts of the Tesla product portfolio need to be better understood by the public as competition in the EV landscape heats up, he said.
"We believe no advertising was the right strategy for Musk & Co. in the past but is no longer the best path forward as competition increases across the EV landscape," he added.
Tesla Price Action: In premarket trading on Friday, Tesla stock edged up 0.19% to $177.22, according to Benzinga Pro data.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.