GLJ Research Reiterates Sell on Tesla With $24.86 Target

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โดย GuruFocus·US·Read original
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GLJ Research analyst Gordon Johnson reiterated a Sell rating on Tesla with a $24.86 price target implying roughly 92% downside. Johnson cited Tesla's 1.4% operating margin and negative $1.1 billion free cash flow in the second quarter, along with concerns that Full Self-Driving performance does not justify the valuation assigned to Robotaxi. Tesla's second-quarter revenue rose 26% year over year to $28.24 billion, but operating income fell 57% to $398 million while capital expenditures surged 142% to $5.79 billion. Johnson also pointed to tracked FSD v14 data showing disengagement roughly every 40 miles and 22 collisions reported in NHTSA filings over the past year. Tesla reported 1.48 million active FSD subscriptions, up 56% year over year, and said it had launched Robotaxi operations in three Florida cities while beginning Cybercab production.

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