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Sept. 23, 2020, 8:10 a.m. EDT

Tesla's stock falls, but Oppenheimer's Rusch says buy on weakness

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By Tomi Kilgore

Shares of Tesla Inc. /zigman2/quotes/203558040/composite TSLA -1.21% took a 5.8% premarket hit Wednesday, after investors apparently deemed the electric vehicle company's Battery Day as disappointing, but Oppenheimer analyst Colin Rusch was more upbeat, saying he would be "buyers on any near-term weakness." Rusch reiterated the outperform rating he's had on the stock for at least the past two years and kept his price target at $451. He said Tesla outlined a "robust reimagining of battery design, manufacturing and performance," including targeting a $25,000 vehicle in three years and a 20-times capacity increase by 2030. Rusch also noted that Tesla's 30% to 40% delivery growth guidance for 2020 is above consensus estimates. "We are impressed with the ambition of the endeavor and believe this roadmap charts ongoing technology and cost leadership for [Tesla] enabling sales into the entire LDV market," Rusch wrote in a note to clients. "While limited details may weigh on shares, we would be buyers on any near-term weakness." Tesla's stock has more than doubled (up 111.7%) over the past three months through Tuesday, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.34% has gained 5.9%.

/zigman2/quotes/203558040/composite
US : U.S.: Nasdaq
$ 420.63
-5.16 -1.21%
Volume: 33.72M
Oct. 23, 2020 4:00p
P/E Ratio
1,095
Dividend Yield
N/A
Market Cap
$392.67 billion
Rev. per Employee
$439,627
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/zigman2/quotes/210599714/realtime
US : S&P US
3,465.39
+11.90 +0.34%
Volume: 2.16B
Oct. 23, 2020 5:15p
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