Saturday, 18 August, 2018

Tesla Model Y Launch Date Set For 2020, Hints Elon Musk

Musk defends cutting off 'short seller thesis' analysts Elon Musk goofed, but the Tesla CEO is unlikely to change
Cristina Norman | 06 May, 2018, 00:05

"The 2 questioners I ignored on the Q1 call are sell-side analysts who represent a short seller thesis, not investors", he said on Twitter, before going on to address his reasons for ignoring each.

However, Musk said in Tesla's earnings call that the Model Y would be a "manufacturing revolution".

The news that Tesla released in its earnings report was "actually super good", Musk said in another tweet.

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Tesla may still be ironing out the production glitches on the assembly line of its popular Model 3 saloon but that hasn't stopped it from adding a new vehicle to its all-electric range.

Tesla shares are up 1.1% in Friday trading but off 3.3% over the past 12 months, while the S&P 500 has gained 10%.

But the analysts Musk cut off, RBC Capital Markets' Joseph Spak and Bernstein's Toni Sacconaghi, have a "hold" or equivalent rating on the stock.

Tesla CEO Elon Musk acknowledged it was "foolish" of him to snub a pair of Wall Street analysts during an earnings call that quickly derailed into a circus-like atmosphere. Chief executive Elon Musk's weird tantrums during the call caused an 8% decline in the company's stock price. And the future financial needs of the automotive company still remained open.

Elon Musk made headlines yesterday after opting to ignore questions from two analysts. Not all long shares are in stock-lending programs, and given the high short interest at the moment, that leaves just 6.5 million shares for expanded short positions. Musk also noted that there are "really big numbers" involved. "Next. Boring, bone-head questions are not cool". On the call, he devoted 23 minutes to 25-year-old Tesla investor, Galileo Russell, who runs HyperChange TV.

Musk is now on damage control, attempting to justify his unusual behavior in an unfiltered tweetstorm. The freaky call yielded scathing comments from analysts and at least three brokerages cut price targets on the stock.

Sacconaghi has a price target of $265 on Tesla stock and Spak lowered his target to $280 from $305 on Thursday.

The results exceeded Wall Street expectations.

Sacconaghi, one of the rebuffed analysts, wrote: "We do worry that such theatrics will unnecessarily undermine investor confidence in Tesla's outlook".

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