Needham Keeps a Sell Rating on Tesla (TSLA)

In a report released today, Rajvindra Gill from Needham maintained a Sell rating on Tesla (TSLAResearch Report). The company’s shares closed yesterday at $289.96.

Gill noted:

“Tesla unveiled its highly anticipated Model Y electric SUV. The Model Y will be built on the same third generation platform as the Model 3 and will provide up to 300 miles of range, 0-60 acceleration in 3.5 seconds, a 0.23 drag coefficient, and is expected to get a 5-star safety rating. It will come in four versions, which share the names of Model 3 versions, with the high-end versions expected in $39,000 mass-market version expected in Spring 2021.”

According to TipRanks.com, Gill is a 5-star analyst with an average return of 11.3% and a 56.3% success rate. Gill covers the Consumer Goods sector, focusing on stocks such as Sequans Communications S A, Everspin Technologies Inc, and Smart Global Holdings Inc.

Currently, the analyst consensus on Tesla is a Hold with an average price target of $310.55, representing a 7.1% upside. In a report issued on March 1, Guggenheim also downgraded the stock to Sell.

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Based on Tesla’s latest earnings release for the quarter ending December 31, the company reported a quarterly net profit of $139 million. In comparison, last year the company had a GAAP net loss of $675 million.

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Tesla, Inc. engages in the design, development, manufacture, and sale of fully electric vehicles, energy generation and storage systems. It also provides vehicle service centers, supercharger station, and self-driving capability. The company operates through Automotive, and Energy Generation and Storage segments.

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