Tesla
Elon Musk at the unveiling of Tesla's new Roadster
- Tesla is scheduled to report first-quarter earnings after Wednesday's closing bell, and analysts expect investors to be laser-focused on demand levels and second-quarter guidance.
- The electric-car maker held an autonomous-vehicle investor event on Monday, which Wall Street analysts saw as a distraction from key issues surrounding the company.
- Tesla is unlikely to turn a profit in the first-quarter, CEO Elon Musk said in February, reversing his previous forecast.
- Watch Tesla trade live.
Tesla is expected to report a messy first-quarter.
The electric-car maker is scheduled to report quarterly results after Wednesday's closing bell - two days after holding an autonomous-vehicle investor event that analysts said was likely timed to shift focus away from key issues surrounding the company.
"We saw the Autonomous Investor Day as underwhelming," Roth Capital Partners analyst Craig Irwin told clients on Tuesday. "Tesla made bold claims that were largely missing the substance that drives credibility. With now two attempts at investor redirection in front of 1Q19 earnings (first was Model Y), we expect a weak 2Q19 unit guide."
Tesla CEO Elon Musk had already warned investors in February that it was unlikely to turn a profit in the first-quarter, a reversal from his previous forecast. Shares have fallen 21% so far this year and 37% since putting in a 52-week high last August.
Analysts expect Tesla to post a first-quarter loss of $2.32 a share on revenue of $4.84 billion, according to data compiled by Bloomberg. Its adjusted loss is expected to come in at $1.30 a share.
Wall Street analysts have become increasingly negative on Tesla shares in recent months, with the number of "sell" ratings on Wall Street now topping the "buys." Of analysts polled by Bloomberg, 15 carry "sell" ratings, 13 say "buy," and eight suggest "hold."
The firm Evercore ISI on Monday downgraded its view and slashed its price target by a hefty $90 a share due in part to softening demand.
"We remain encouraged by Tesla's vision and future growth prospects (brand value, global Model 3 and Y TAM, Semi, etc.), but there is increased uncertainty around near-term demand vs previous bullish forecasts and growth cannot stall for a growth company," analysts led by Arndt Ellinghorst wrote, adding their new price target was $240, down from $330.
Here's a snapshot of what Tesla analysts are saying ahead of Tesla's first-quarter earnings:
Get the latest Tesla stock price here.