Australian shares are poised to drop sharply at the open, taking direction from losses in New York. $A sheds 1pc. BHP, Rio tumble. Follow updates here.
Tesla early Thursday AEST reported quarterly results that exceeded expectations.: “Taking a step back, with the supply chain issues still a lingering overhang on the auto space and logistical issues globally with China front and centre, we believe these ‘Cinderella-like’ numbers and good guidance in a brutal supply chain backdrop speaks to an EV demand trajectory that looks quite robust for Tesla throughout 2022 with a massive [second half] ahead.
All eyes are on China.”Near 1.15pm in New York on Thursday, Tesla was 5.5 per cent higher to $US1030.91.: ”The Tesla numbers really were very encouraging despite the incredibly challenging environment for automakers. Higher revenue, earnings and delivery forecasts are all music to the ears of investors and even the long waiting lists highlight just how much demand there is for a Tesla, despite the long wait time.”said Tesla’s earnings per share and revenue were better than what he expected, even after he revised his estimates higher on the latest deliveries data. In addition, free cash flow was “a positive surprise in the quarter, specifically reported FCF of $US2.2b, further adding credence to the notion that TSLA has now reached self-funding status”. Murphy said he was “encouraged” by Tesla’s outlook even though it was “a bit vague”: “In our view, despite the solid 1Q:22 performance, we have trepidation that TSLA stock may already be priced for perfection , such that near-term earnings beats may be insufficient to get bulls incrementally positive on the stock.” He reiterated a neutral rating, and a $US1300 price target.called Tesla’s results “impressive” and lifted his price target from $US1103 to $US1291. He rates the stock outperform. Rusch in particular pointed to Telsa’s rising operating income even as it was evolving its product offerings and ramping two new assembly plants. Tesla also impressed with accelerating its data monetisation: “We think TSLA’s data expertise is proving a crucial and durable competitive advantage. Last, the company continues to simplify its vehicle design via improved process technologies, driving cost reduction, shortening production time, and optimising ROI.”
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