Bernstein

Bernstein said Tesla’s (NASDAQ:TSLA) “Master Plan Part 3” announced at Wednesday’s investor event day looks at the long term but lacks details. The bank noted that Musk’s “grand chapter 3” is not so much Tesla’s roadmap as a hope for widespread electrification; Management updates, while informative, are not necessarily linear. As part of a larger vision, Tesla makes no mention of Boring Company and SpaceX, and rarely mentions of Tesla’s own solar business. Most importantly, Tesla did not provide more information about its upcoming lower-priced next-generation car, the bank noted. The bank has an “underperform” rating on Tesla’s stock and a $150 price target.

Bernstein gives Tesla, Inc. (Nasdaq:TSLA) an “underperform” rating with a $150 price target. Toni Sacconaghi, an analyst at the bank, believes that the most important issue for the company as Tesla enters analyst day is the status of its next-generation low-cost car platform. The agency added that while the market did not expect anything from the launch of the company’s products, details about pricing, availability and, above all, timing were paramount. Bernstein believes that Tesla will not be able to deliver such models in large quantities before 2025, and that it will be difficult for Tesla to achieve 50% sales growth without further reducing the price of existing models.