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Shares of Tesla Inc. (TSLA) are expected to rebound after a six-month low on Tuesday, after Macquarie investment bank initiated a clean energy auto maker hedge with a price target north of the now infamous famous "take private" of Elon Musk August.
Macquarie has set its target price on the group based in Palo Alto, Calif., At $ 430 per share, about $ 10 more than Musk's estimate of $ 420, a figure for which he said he "got a financing, "but the Securities and Exchange Commission said was created as an indirect reference to marijuana in order to impress his girlfriend. The tweet could ultimately cost Musk $ 20 million in fine, in the event that District Court Judge Alison Nathan would have approved the September 29 settlement, although Tesla already sold about $ 10 billion in market value as a result of the controversy. However, Macquarie believes that the "differentiated products and strong presence of the brand", as well as its 8 million kilometers of daily driving data collected every day, will tip the group into the dark in the second half of this year.
"While Chief Executive Officer Elon Musk said the company did not need to raise more capital, we believe that a capital increase per share would be beneficial to further strengthen its long-term prospects. , while offering protection in the event of an unexpected economic downturn, "Maynard Um, an analyst at Macquarie, explained.
Tesla shares rose 2% in the first minutes of trading in New York on Tuesday and changed hands at $ 255.40 each, bouncing back from the $ 249 dip since the last half-year but still About 35% south of the peak of August 7th, after Musk's infamous departure that suggested that he had "secured funding" to take the company to $ 420 per share.
On Monday, Tesla's shares hit their all-time low after a letter to Greenlight Capital's hedge fund investors, which has a short position on the stock, comparing Tesla's setbacks in the final days of Lehman Brothers. The scathing criticism followed shortly after Musk scoffed at the SEC when Justice Nathan asked both of them to justify their $ 40 million settlement.
Greenlight's influential leader, David Einhorn, said that Musk's conduct "suggests that he is doing his best to be removed from his duties as CEO to avoid any liability" for performance issues under group members.
"Like Lehman, we think that deception is about to catch up (Tesla)," Greenlight said in a quarterly investor letter first reported by Reuters. "Lehman threatened short sellers, refused to raise capital (and even repurchased shares), and management publicly suggested switching to private companies.Many months later, shareholders, creditors, employees and employees The global economy paid a heavy price when the reckless behavior of management led to bankruptcy.
Macquarie believes Tesla could shift into profitability in the second half of the year, as its Model 3 production targets appear increasingly likely to be met in the face of pent-up US demand before the end of subsidies. for clean energy vehicles.
Tesla is expected to release its financial results for the third quarter on November 7, with analysts expecting a loss of about 25 cents a share, a median forecast in the range of 2.18 to 88 cents per share. . The group recorded a loss of 2.92 USD per share in the third quarter of 2017.
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