- Citi analyst Itay Michaeli upgraded Tesla Inc (NASDAQ:TSLA) to Neutral from Sell with a price target of $176, up from $141.33.
- Michaeli said the share’s year-to-date pullback has “balanced out” the near-term risk and reward.
- With the multiple contracting to ~30x 2023E EPS, some of the prior baked-in expectations Michaeli disagreed with were out of stock.
- Though the latest model update led him to reduce near-term EPS estimates, Michaeli still finds himself slightly above consensus for Q4-2024E EPS.
- While macro and competitive concerns would likely remain an overhang with capacity rising, Michaeli reiterated how Tesla’s long-term competitive position in a challenging landing scenario probably improves and is potentially further enhanced by IRA.
- The price target boost ascribes a modestly higher multiple to reflect these advantages.
- Price Action: TSLA shares traded higher by 5.28% at $178.88 on the last check Wednesday.
Casa Systems Sets Cable Industry Milestone With DOCSIS 4.0 Extended Spectrum Breakthrough
Groundbreaking performance marks Casa Systems' vCCAP and RPD as key innovators in cable technology virtualizationFull utilization of extended spectrum DOCSIS accelerates cable operator's path to 10GCasa Systems'
