TSLA Downgraded by Bank of America, Automakers Aligning on Production Restarts, China NEVs (04.22.20)
Tesla Daily: Tesla News & Analysis
Rob Maurer
4.8 • 1.1K Ratings
🗓️ 22 April 2020
⏱️ 7 minutes
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Summary
➤ TSLA stock downgraded to underperform by Bank of America in a note that feels straight out of 2017
➤ Volkswagen announces targeted production restart date for Chatanooga factory as automakers align on similar dates
➤ Morgan Stanley releases investor survey around electric vehicles and confidence in Tesla
➤ China updates purchase tax policy for new-energy vehicles
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Transcript
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| 0:00.0 | Hey everybody Rob mower here and today we were talking about some analyst news on Tesla as well as automaker restarts of production in the US in general and |
| 0:15.2 | some news on subsidies in China. |
| 0:18.0 | Tesla stock on the day today finished up 6.6 percent, basically shaking off yesterday's loss to finish the day at $732.11 |
| 0:25.1 | that compared to the NASDAQ with a pretty strong day as well up 2.8 percent. |
| 0:29.2 | That performance was despite an analyst downgrade from Bank of America today, analyst John Murphy lowering his price target from $500 per share to $485, and downgrading Tesla from neutral to underperform. |
| 0:42.0 | The Fly.com reported on this note saying, |
| 0:44.3 | quote, Tesla faces several hurdles, |
| 0:46.5 | including production challenges, a burnout pattern for new models, |
| 0:49.9 | continued cash burn, and the prospect of new competition competition Murphy tells investors in a research note. |
| 0:55.2 | In addition, the analyst cut is global volume forecast for autos, believing the recovery will |
| 1:00.4 | be tepid U-shape as economies are reopened." |
| 1:03.0 | This honestly feels like an outdated note from Murphy. |
| 1:06.0 | Let's take those first couple of points there. |
| 1:09.0 | Production challenges. |
| 1:10.0 | Tesla has had production challenges, but lately production has been going smoothly. |
| 1:13.6 | Gigafactory Shanghai has ramped up incredibly quickly. |
| 1:16.1 | Model Y is ahead of schedule and model 3 production has been solid for I don't know over a year now |
| 1:20.9 | so I guess the only real production challenge would be the |
| 1:23.4 | shutdown that Tesla and every other automaker is experiencing. We'll talk a little bit |
| 1:28.1 | more about that later in the episode but obviously that is a short-term problem in |
| 1:32.1 | nature. The next point was a burnout pattern for new |
| 1:35.2 | models. Again, not really sure where that's coming from as model 3 has been at an all-time high |
... |
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