Analyst comments after announcement TESLA 1Q 2022 deliveries【1Q 納車台数発表後の各社コメント】

JPMorgan analyst Ryan Brinkman raised the firm's price target on Tesla to $335 from $325 and keeps an Underweight rating on the shares. The analyst increased his Q1 earnings per share estimate to $2.10 from $1.94 after Tesla on Saturday reported quarterly deliveries of 310,048, which were modestly higher than the 293,500 he had modeled. Brinkman now sees 2022 deliveries of 1,262,798 units for Tesla, up from 1,246,250 but still below the company-compiled consensus of 1,446,254. He sees reduced visibility into both the company's chain supply as well as price given battery metals cost inflation and the Russian invasion of Ukraine.



Tesla reported Q1 deliveries of 310,000 units, below the consensus of 313,000, as Street estimates likely didn't fully capture the impact of a COVID-related lockdown in Shanghai, where Tesla's most productive facility is located, Piper Sandler analyst Alexander Potter tells investors in a research note. The Q1 result exceeded Piper's estimate of 294,000 units. Delivery wait times are still 2-10 months, depending on model and region, while Tesla's market share is still rising, writes Potter. The analyst stays "firmly Overweight" on Tesla shares with a $1,350 price target.

Piper Sandlerのアナリスト、Alexander Potterはリサーチノートの中で、Teslaの第1四半期の販売台数は31万台で、コンセンサスの31万3千台を下回りました。第1四半期の結果は、パイパーが予想した29万4000台を上回った。納車までの待ち時間はモデルや地域によってまだ2~10ヶ月ですが、Teslaの市場シェアはまだ上昇しているとPotter氏は書いています。アナリストはテスラ株を「断固としてオーバーウェイト」に据え置き、目標株価は1350ドル。


UBS analyst Patrick Hummel raised the firm's price target on Tesla to $1,100 from $1,000 and keeps a Neutral rating on the shares. The analyst states that his latest global EV consumer survey of about 11k participants in the top-7 EV markets showed that almost every second respondent - 49% up from 43% y/y - is considering buying a BEV as next vehicle, and Tesla continues to be seen as technology leader by wide margin. Hummel adds that Tesla's global EV leadership will not be threatened even by the most aggressive competitors.



Deutsche Bank analyst Emmanuel Rosner says Tesla reported "solid" 1Q22 deliveries of 310,000 units, in line with consensus but a miss versus his estimate of 320,000 likely due to some impact from COVID lockdowns in Shanghai over the critical final week of the quarter. Tesla continues to face challenging supply chain conditions, but "weathers it considerably better than the rest of the autos industry," Rosner tells investors in a research note. The analyst says the 1.24M unit annualized production achieved in Q1 represents a solid start to 2022 and leaves Tesla on track to achieve 1.5M units in 2022 as the Berlin and Texas factories ramp throughout the year. He lower his 1Q revenue forecast from $16.9B to $16.6B, leading to an earnings per share of $2.31, down from the prior $2.36. Rosner keeps a Buy rating on Tesla.



GLJ Research analyst Gordon Johnson keeps a Sell rating on Tesla with a $67 price target after the company's Q1 deliveries fell short of consensus expectations. For the first time since Q1 of 2017, Tesla removed the following language from its delivery disclosure: "We only count a car as delivered if it is transferred to the customer and all paperwork is correct," Johnson tells investors in a research note. "This begs the question, including the language TSLA took out of the Q1 delivery report, would the numbers have been lower than the 310K reported," asks Johnson. The analyst sees risk that Tesla's "apple-to-apples" quarter-over-quarter delivery comparison is worse than what was reported this weekend.

GLJリサーチのアナリストGordon Johnson氏は、Teslaの第1四半期の納品数がコンセンサス予想を下回ったことを受け、同社の格付けをSell、目標株価を67ドルに据え置いた。2017年第1四半期以来初めて、テスラは納車開示から次の文言を削除した:「顧客に譲渡され、すべての書類が正しい場合にのみ納車としてカウントする」ジョンソンはリサーチノートで投資家に伝えている。"これは、TSLAが第1四半期の納車報告から取り上げた文言を含めれば、報告された31万台よりも低い数字になっていたのではないかという疑問を抱かせます。"とジョンソンは問いかけます。アナリストは、テスラの「apple-to-apples」四半期ごとの納車比較は、今週末に報告されたものよりも悪いというリスクを見ています。


Cowen analyst Jeffrey Osborne raised the firm's price target on Tesla to $790 from $660 and keeps a Market Perform rating on the shares. The analyst said Tesla continues to shrug off the chip supply crunch and is ramping up production in its Berlin and Tesla Gigafactories but cautioned China's shutdown of Shenzhen and Shanghai in recent days may plague output in 2Q.

コーウェンのアナリスト、ジェフリー・オズボーンは、テスラの目標株価を660ドルから790ドルに引き上げ、マーケット・パフォームのレーティングを継続しました。同アナリストは、Teslaはチップの供給不足をしのぎ、ベルリンとTesla Gigafactoriesの生産を増強し続けているが、ここ数日の中国の深センおよび上海の閉鎖が2Qの生産を苦しめるかもしれないと警告している。


BofA analyst John Murphy maintains his Neutral rating and $1,100 price target on Tesla shares after the company reported Q1 deliveries of 310,048 vehicles that he note was above his estimate of 294,567 but below consensus he says was at 312,540 vehicles. Though Tesla does have a first mover advantage in the EV revolution, it remains unclear whether it will be dominant over the longer-term, but he continues to believe its "relatively high stock price is justified" as long as the company can keep funding outsized growth with "almost no-cost capital driving capacity expansion," Murphy tells investors.

BofAのアナリストであるJohn Murphy氏は、Teslaの第1四半期の販売台数が310,048台となり、同氏の予想294,567台を上回ったものの、同氏の言うコンセンサス312,540台は下回ったとして、中立評価と目標株価1,100ドルを維持しています。テスラはEV革命で先行者利益を得ているが、長期的に優位に立てるかどうかは不明だ。しかし、「ほとんどコストのかからない資本で生産能力を拡大する」ことで同社が異常な成長を続けられる限り、「比較的高い株価は正当化できる」とマーフィーは引き続き信じていると投資家に語っている。

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