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Tesla Motors, Inc. (TSLA) Message Board

  • getintoh20 getintoh20 May 9, 2013 7:08 AM Flag

    Goldman Sachs Downgrades Tesla Motors (TSLA) to Neutral

    Goldman Sachs downgraded Tesla Motors (NASDAQ: TSLA) from Buy to Neutral with a price target of $61.00 (from $45.00) citing a more balanced risk/reward.

    While the firm's view of the company fundamentals has not changed, with shares up 59% since its Mar 19 trough the firm sees limited upside to their new price target.

    "While it is certainly a positive that Tesla is building out its track record, we believe its risk-adjusted profit potential is starting to be fully reflected, with shares now trading close to in line with our new 6-month price target of $61 (from $45), which puts us on the sidelines," analyst Patrick Archambault states.

    Goldman revised 2013-2015 adjusted EBITDA estimates to $69mn/$267mn/$401mn from $84mn/$344mn/$504mn primarily on the application of lease accounting, which defers revenue recognition. The firm moved FY 2013 EPS estimates from $0.17 to $0.03, FY 2014 EPS estimates from $2.24 to $1.31 and FY 2015 EPS estimates from $2.63 to $1.71.

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