Tesla shares pop on 'better than feared' earnings results, demand outlook
Publishing timestamp: 2023-01-26 10:03:27
Summary
Tesla shares rose 11% Thursday morning, continuing overnight gain driven by optimistic sentiment from CEO Elon Musk. Analysts offered mixed response, but investors responded enthusiastically to Musk's prognostication that electric-vehicle manufacturer could produce 2 million cars in 2023. Tesla reported automotive revenue of $21.3 billion in fourth quarter and adjusted earnings per share of $1.19. Analysts were mixed in their response to Tesla's report, but Canaccord maintained its buy rating with $275 price target. Tesla did not issue new guidance, but noted in its earnings release that it planned "to grow production as quickly as possible in alignment with 50% compound annual growth rate target we began guiding to in early 2021."
Sentiment: POSITIVE
Keywords: elon musk, morgan stanley, technology, business news, autos, climate, tesla inc,