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RBC cuts Tesla price target, Model 3 deliveries



Lackluster demand and overseas model 3 delivery problems will weigh on Tesla's first-quarter earnings results when the company reports in April, RBC Capital Markets warned clients Monday [div] group> p: first-child "/ >

The brokerage cut its first-quarter model 3 delivery forecast to 52,500 from 57,000 and slashed its price target to $ 210 from $ 245, a 14 percent reduction that includes more than 20 percent downside over the next year.

see both 2019 and 2020 revenue as down vs. the 4Q18 run-rate and, given Tesla is priced for growth, believe the valuation will come in, "analyst Joseph Spak wrote in a note to clients." Overall, for 201

9 we now forecast about 261,000 Model 3 [deliveries]down from 268,000 prior. Our 2020 forecast of 347,500 remains unchanged. " share.

"Regionally, we have 21,000 units in Europe, 6,000 to 7,000 in China and the remainder in North America," wrote Spak. "In China, some deliveries were delayed because of a customs issue."

The analyst cited recent price cuts to its popular model 3 as evidence of diminished demand and in reducing his earnings outlook. [Our2019model3averagesellingpriceisnow$53600downfrom$55500prior-stillstrongerinthefirsthalfasTeslaachieveshigher-enddemandinternationallybeforelower-pricedmodels(whichcarrylowergrossmargin)kickin"Spaksaid

Chief executive officer Elon Musk surprised some investors last month after he said that the company will only sell cars online and tha t drivers will have up to a week to return their vehicles if they aren't satisfied. Of particular concern to some stakeholders, Tesla explained that moving sales will allow the Model 3 to sell at the long-awaited base model price of $ 35,000.

However, Musk tweeted on March 24 that

"The larger part of potential demand for Tesla products is that a price point that we do not believe Tesla can be profitable," he added. "The company has started offering some of these price points, but we believe it will be dilutive to margins." Tesla shares fell 1.3 percent in premature trading Monday following the RBC note. The stock is already down 30 percent from it's recent 52-week high and 20 percent in 2019 alone.


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