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Analysts Dish Out Bull Notes After Tesla's Earnings, Revenue Beat

No fewer than five analysts chimed in with bull notes

Deputy Editor
Jul 27, 2021 at 9:40 AM
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Tesla Inc (NASDAQ:TSLA) stepped into the earnings confessional after the close last night, announcing second-quarter earnings and revenue that easily bested Wall Street's expectations. Digging deeper, the electric car behemoth reported earnings of $1.45 -- well above the 98 cent forecast -- on revenue of $11.96 billion, while also chiming in with over $1 billion in net income for the first time ever. Entering the latter part of the year, Tesla said supply chain issues and its ability to navigate them will determine its continued success.

In response, no fewer than seven analysts dished out bull notes in the form of price-target hikes, including one to $660 from $590 at Wells Fargo. Coming into today, sentiment amongst the brokerage bunch hasn't changed much since we last checked in on Tesla stock, but short sellers have been hitting the exits in droves. Short interest fell 14.9% in the last two reporting periods, though it still makes up a solid 4.4% of TSLA's available float.

Tesla stock was last seen 0.5% lower to trade at $654.11. TSLA's still carries a 6.8% year-to-date deficit and remains pressured by the overhead 120-day trendline, which has put a  cap on the shares since late April.

 

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