“Answers to many questions on the earnings call were curt and almost dismissive, with CEO Musk instead repeatedly making very bold prognostications about Tesla’s future and capabilities,” an analyst said as he rang alarm bells.
While some on Wall Street appeared to take disappointing Tesla Inc. results in stride, one analyst was ringing alarm bells over Elon Musk’s “bold” predictions and his “almost dismissive” attitude towards any questions about the company’s future.
Musk issued a forecast that Tesla would at some point be worth as much as the two most valuable companies in the world, Apple Inc. AAPL, +0.08% and Saudi Arabian Oil Co. 2222, +0.42%, combined. Both have market capitalizations atop $2 trillion. So far this year, Tesla’s stock has had a bumpy ride, about 37% lower.
Investors seemed to be feeling some of that uncertainty on Thursday, as shares fell 5% in premarket trading to $209.47 per share. Tesla also lowered its full-year delivery expectations, as Musk dangling a possible $5 billion to $10 billion share buyback didn’t seem to be helping much.To be sure, Bernstein’s Sacconaghi is a bit of a contrarian when it comes to the investor favorite.
“Elon talked about ‘recessions’ in China and Europe that’s causing demand to be a little harder than it otherwise would be. Still, they are very confident in a record 4Q22 seeing “excellent” demand for the quarter and the factories running hard,” said the pair, in a note to clients.
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