Q4 performance is stronger than expected A number of investment banks raised tesla (TSLA.US) price targets

Zhitong Finance APP learned that after announcing better than the market's expected results, a number of investment banks have raised their interest in Tesla (TSLA. US) target price.

According to the earnings report, Tesla's Q4 revenue was $17.72 billion, up 65% year-on-year, better than the expected $16.57 billion. Net profit attributable to common shareholders under Non-GAAP accounting standards was $2.88 billion, an increase of approximately 219% year-over-year; Diluted earnings per share were $2.54, better than expected at $2.36. Gross margin was 27.4%, up from 26.6% in the previous quarter.

JPMorgan Chase & Co. released a research report saying that it raised Tesla's target price from $295 to $325 and maintained a "down".

JPMorgan Chase analyst Ryan Brinkman said Tesla's fourth-quarter results were better than expected, with revenue, margins and free cash flow all beating expectations. But in the case of "large and start-up automakers plan to launch a large number of new battery electric models", Tesla does not plan to launch any new models in 2022. He noted that means the Roadster and Semi models, which were scheduled for 2022, and the Cyberruck, an electric pickup truck originally scheduled for 2021, will be delayed at least until 2023.

Wedbush: Tesla was given a "outperform" rating with a price target of $1400.

Wedbush analyst Dan Ives believes that if it were not for the lingering global supply chain and logistics problems, Tesla's deliveries would have increased by about 10% to 12% this quarter. "It's important for Tesla to confirm that Model Y has started production at the Austin Super at the end of 2021, which is in line with our idea that once final certification is achieved, Model Y will begin delivery to customers," he noted. ”

Wells Fargo: Gave Tesla a "hold-and-see" rating, raising its price target from $860 to $910.

Wells Fargo analyst Colin Langan noted that Tesla's fourth-quarter earnings per share were $2.54, driven by automotive gross margins, beating the prevailing expectation of $2.36. Most notably, CEO Elon Musk expects a Level 4 fully autonomous vehicle to be launched by the end of the year. Langan remains skeptical that Tesla can achieve Level 4 autonomous driving in such a short period of time, especially without lidar. The analyst is also wary of delayed releases of new products.

Baird: Raised Tesla's share price target from $888 to $1,108, maintaining an "overweight" rating.

Baird analyst Ben Kallo noted that despite some headwinds and one-time charges, the TSLA still exceeded expectations, driven by revenue and gross margins. Kallo said the call reinforced the company's focus on scale as the company expands capacity at five of its factories and management highlights several technological advancements.