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Tesla call was «completely wrong», RBC says after 1,200% rally
Long-term bear RBC Capital Markets upgraded its recommendation on Tesla Inc., admitting it had misjudged the electric-vehicle maker.
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Tesla Inc., admitting it had misjudged the electric-vehicle maker. “There is no graceful way to put this other than to say we got TSLA’s stock completely wrong,” analyst Joseph Spak wrote in a report lifting Tesla to sector perform. The broker had maintained a sell-equivalent underperform rating since January 2019, according to data compiled by Bloomberg. During that time, the shares have surged by about 1,200%.
Reevaluating his view “in the spirit of New Year’s resolutions,” Spak said his biggest miss was underestimating Palo Alto, California-based Tesla’s ability to take advantage of its stock price to raise capital and fund growth or acquisitions. He also increased his 2025 delivery estimate to 1.7 million autos from 1.3 million, based on
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Long-term bear RBC Capital Markets upgraded its recommendation on Tesla Inc., admitting it had misjudged the electric-vehicle maker.
“There is no graceful way to put this other than to say we got TSLA’s stock completely wrong,” analyst Joseph Spak wrote in a report lifting Tesla to sector perform. The broker had maintained a sell-equivalent underperform rating since January 2019, according to data compiled by Bloomberg. During that time, the shares have surged by about 1,200 per cent.
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Tesla has reported better-than-expected vehicle deliveries in 2020. The electric carmaker delivered 499,550 vehicles during 2020, above Wall Street estimates of 481,261 vehicles, according to Refinitiv data.
However, the deliveries were slightly short of the target set by CEO Elon Musk. The total vehicle deliveries fell short of the target by a mere 450 units.
Albeit, Musk said he was proud of the Tesla team for achieving this major milestone. He added: At the start of Tesla, I thought we had (optimistically) a 10% chance of surviving at all.
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International Business: Tesla 2020 deliveries beat estimates, but fall just short of Musk s target gdnonline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from gdnonline.com Daily Mail and Mail on Sunday newspapers.
Tesla 2020 deliveries beat estimates Reuters Reuters
Tesla Inc on Saturday reported better-than-expected 2020 vehicle deliveries, driven by a steady rise in electric vehicle adoption, but narrowly missed its ambitious full-year goal during a punishing year for the global auto industry.
The company delivered 499,550 vehicles during 2020, above Wall Street estimates of 481,261 vehicles, according to Refinitiv data - but 450 units shy of CEO Elon Musk s target. Musk tweeted here he was proud of the Tesla team for achieving this major milestone.
At the start of Tesla, I thought we had (optimistically) a 10 per cent chance of surviving at all, he said.
On Twitter, congratulations from supporters and bullish investors poured in, lauding the electric vehicle maker for its stellar year, which has defied wider auto industry trends of slumping sales, quarterly losses and global supply chain disruptions. Tesla s share price has risen more