(News Bulletin 247) – Jefferies maintains its ‘hold’ recommendation on Tesla, while raising its price target from $185 to $265, saying it shares the consensus opinion that the second quarter will be a bottom in automotive gross margin.
“We value Tesla first as a higher ROIC, software-enhanced automaker, but recent developments also suggest a shift in valuation factors,” the broker said.
Jefferies highlights Tesla’s early focus on AI-based autonomy, and reports modest improvements to its 2023 estimates for the electric carmaker.
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