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Evercore sidelined following Tesla’s latest price cuts

By Michael Elkins  Evercore ISI reiterates an In Line rating and $140.00 price target on Tesla (NASDAQ:TSLA) following the company’s latest price cuts. The company dramatically cut...
Evercore sidelined following Tesla’s latest price cuts © Reuters Evercore sidelined following Tesla’s (TSLA) latest price cuts
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By Michael Elkins 

Evercore ISI reiterates an In Line rating and $140.00 price target on Tesla (NASDAQ:TSLA) following the company’s latest price cuts. The company dramatically cut prices overnight by a weighted avg. ~$10k or 16% on Model 3s and Ys to make most of their U.S. offerings eligible for a $7.5k US/IRA consumer credit. Combining this U.S. cut and next 2-month IRA of $7.5k (moving to $3.75k mid-March), the starting price of Model Y, to consumer, has fallen ~$20.5k in the last 24 hours ($66k to $45.5k).

Analysts believe that there will be a significant impact to TSLA’s near-term Gross Margin following these cuts, it all depends on how long these new price levels last. Assuming a partial year impact of 30%-50% of the year before half of the cut reverses, they see something like $3-$3.50 EPS in 2023, or an additional $1.10-$1.50 EPS cut to Evercore’s recently lowered $4.60 EPS. $3-$3.50 would be 30%-40% below the consensus.

While most investor attention has been focused on China, TSLA’s U.S. backlog has also been falling due to a combination of increasing production and 4Q buyer strike from anticipated 2023 IRA credits. However, the analysts wrote in a note that “Over the last 2 weeks, while digging into the details of the IRA/IRS ruling, it started to occur to us that if we were having a tough time understanding who got what (e.g., no eligibility for Model Y or GM’s Lyriq due to non-SUV classification), imagine how confusing it was to a dealer or a consumer!! A few calls to some dealers…cleared that up….NO ONE HAD ANY IDEA WHAT WAS GOING ON. Online TSLA trackers also started to flag rising Model Y US inventory and negligible orders to start the year.”

Shares of TSLA are down 6% in pre-market trading on Friday.

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07-02-2023 22:51:38 (UTC+7)

EUR/USD

1.0691

-0.0039 (-0.36%)

Summary

↑ Buy

Moving Avg:

Buy (12)

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Indicators:

Buy (7)

Sell (0)

EUR/USD

1.0691

-0.0039 (-0.36%)

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↑ Buy

Moving Avg:

Buy (12)

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Buy (7)

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GBP/USD

1.2009

-0.0008 (-0.06%)

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↑ Buy

Moving Avg:

Buy (12)

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Buy (9)

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USD/JPY

131.46

-1.20 (-0.90%)

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Buy (0)

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AUD/USD

0.6908

+0.0027 (+0.39%)

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Moving Avg:

Buy (10)

Sell (2)

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Buy (7)

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USD/CAD

1.3448

+0.0002 (+0.01%)

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EUR/JPY

140.52

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Sell (10)

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IBEX 35

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52.950

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58.92

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219.33

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Adidas AG

153.43

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9.628

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141.23

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11.505

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Summary

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Sell (0)

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Buy (9)

Sell (1)

    EUR/USD 1.0691 ↑ Buy  
    GBP/USD 1.2009 ↑ Buy  
    USD/JPY 131.46 ↑ Sell  
    AUD/USD 0.6908 ↑ Buy  
    USD/CAD 1.3448 ↑ Sell  
    EUR/JPY 140.52 ↑ Sell  
    EUR/CHF 0.9882 ↑ Sell  
    Gold 1,888.95 ↑ Buy  
    Silver 22.337 ↑ Buy  
    Copper 4.0293 ↑ Buy  
    Crude Oil WTI 75.56 ↑ Buy  
    Brent Oil 82.17 ↑ Buy  
    Natural Gas 2.529 ↑ Buy  
    US Coffee C 174.47 Neutral  
    Euro Stoxx 50 4,203.35 Neutral  
    S&P 500 4,105.47 ↑ Buy  
    DAX 15,309.85 ↑ Buy  
    FTSE 100 7,850.67 ↑ Buy  
    Hang Seng 21,298.70 ↑ Sell  
    Small Cap 2000 1,944.25 ↑ Buy  
    IBEX 35 9,157.39 ↑ Buy  
    BASF 52.950 ↑ Buy  
    Bayer 58.92 Sell  
    Allianz 219.33 ↑ Buy  
    Adidas 153.43 ↑ Buy  
    Lufthansa 9.628 Buy  
    Siemens AG 141.23 ↑ Buy  
    Deutsche Bank AG 11.505 ↑ Buy  
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