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Why This Tesla Analyst Remains Very Bearish Following Q2 Earnings

July 27, 2021 10:20 am
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Why This Tesla Analyst Remains Very Bearish Following Q2 Earnings

Tesla Inc's (NASDAQ:TSLA) delay of its 4680 battery is leading to delays of the Tesla Cybertruck and Tesla Semi, GLJ Research analyst Gordon Johnson said Tuesday on CNBC's "Squawk Box."

The reason that Tesla trades at such a high valuation is that investors are anticipating Tesla's battery and full self-driving technologies, as well as an expanded vehicle lineup, Johnson said. All of those things were delayed, he added.

Tesla effectively said that its full self-driving technology doesn't even exist, Johnson claims.

Although the income statement numbers were good, the "cash flow statement numbers were very questionable," Johnson noted. When a company reports good results, investors should look to see if the company is also increasing its cash balance, he said, adding that in the case of Tesla, the answer is no.

See Also: Elon Musk Takes Potshots At Apple, And Other Key Takeaways From Tesla CEO's 'Possibly' Last Earnings Call

Johnson has a $67 price target on Tesla shares.

Tesla Earnings: Tesla reported quarterly earnings of $1.45 per share, which beat the estimate of 96 cents per share. The company reported quarterly revenue of $11.96 billion, which beat the estimate of $11.21 billion.

Price Action: Tesla has traded as high as $900.40 and as low as $273 over a 52-week period.

At last check Tuesday, the stock was down 2.5% at $640.67.

Photo: courtesy of Tesla.

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