Price target: $396
Rating: Overweight
"Although logistical challenges — along with lower transaction prices — had an obvious impact on Q1 profitability, we think this was temporary," analyst Alexander Potter wrote. "Guidance implies a 2H recovery for both deliveries and margins, and this seems reasonable to us."
The first-quarter suffered from a "particularly nasty combination" of challenges including seasonality, a build-up in non-US deliveries, and the expiration of US tax incentives.
Price target: $369 (cut from $374)
Rating: Market outperform
"Results were weak, but not more than we expected, and critically, the demand outlook continues to be solid, with 2Q19 ahead of our previous estimates," Joseph Osha said in a note to clients on Thursday.
"We think it is now clear that U.S. demand should recover over the course of 2019, and that 1Q19 suffered from the impact of business being pulled into 2018."
Tesla said in its earnings report on Wednesday that a decline in first-quarter Model S and Model X deliveries was due to weaker demand as a result of seasonality and what the company described as a "pull-forward of sales" in the fourth quarter.
Price target: $200
Rating: Sell
"We would expect the stock to trade down on the large EPS & total GM miss," analysts led by Colin Langan wrote in a note to clients on Wednesday.
The most notable parts of the earnings report included Tesla's burning more cash than Wall Street expected — but less than UBS forecasted — and automotive gross margin beating analysts' expectations, they said.
Price target: $275 (cut from $365)
Rating: Neutral (from outperform)
"At this point the writing is on the wall that Tesla will likely have to raise $3 billion+ of capital in the near term to sustain its capex and debt needs given its current profitability path, which is another black cloud over the name with an inexperienced CFO now at the helm," analysts led by Dan Ives wrote in a note to clients on Thursday.
"As such, we no longer can look investors in the eye and recommend buying this stock at current levels until Tesla starts to take its medicine and focus on reality around demand issues which is the core focus of investors."
Price target: $240
Rating: Equal-weight
"1Q results were not as bad as many expected but likely won't sway bulls or bears from their perches," analysts led by Adam Jonas wrote in a note to clients on Thursday.
"We think Tesla's strategic/technological value will remain largely disregarded as long as concerns over demand and liquidity persist. Addressing these concerns can create a window of opportunity."
Price target: $300
Rating: Neutral
"Management seemed confident in their near-term visibility, in particular, which is encouraging given that the second quarter is already nearly one-third complete," analysts led by Christopher Eberle wrote.
"Tesla also noted that it expects positive FCF in every remaining quarter in 2019, including 2Q, which we think is likely," they added, referring to free cash flow.
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