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<ul><li>Tesla's third-quarter earnings report beat expectations on multiple key metrics including cash flow and gross margins. </li><li>The electric vehicle automaker also reiterated its goal of 500,000 deliveries in 2020, a statement many analysts were anticipating before the report. </li><li><a href="https://markets.businessinsider.com/stocks/tsla-stock">Shares of Tesla</a> soared nearly 5% at the market open on Thursday.</li><li>Here's what six Wall Street analysts had to say about Tesla's third-quarter earnings report. </li><li><a href="https://markets.businessinsider.com/stocks/tsla-stock">Watch Tesla trade live here.</a></li></ul><a href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla's</a> third-quarter earnings report beat expectations and sent the stock up as high as 5% at the open on Thursday.The electric vehicle company had its fifth-straight profitable quarter and surpassed expectations on cash flow, gross margins, and adjusted earnings per share. Third quarter adjusted earnings per share were 76 cents versus the consensus estimate of 55 cents. Tesla reiterated its goal of 500,000 deliveries in 2020. Here's what six analysts said about Tesla following the third quarter earnings report.<h3>1. <keyword id="1038917" type="PERSON" weightage="60" keywordseo="Wedbush">Wedbush</keyword> Securities, price target $500, neutral rating </h3>"We view last night's quarter from Tesla as another major step forward in the company's ramp around Model 3 deliveries as well as profitability heading into 2021. The company delivered Street upside across the board with impressive GM (ex credits), which speaks to the manufacturing efficiency and success Tesla is seeing especially out of China with Giga 3 front and center leading the way. With the red ink now in the rear view mirror, the Street is focused on an impressive profitability ramp for Tesla into 2021 which appears right on target based on the numbers Musk &amp; Co. delivered last night, while importantly maintaining its 500k unit delivery numbers for the year which was a pipe dream six months ago."Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-61-companies-upside-earnings-2021-ms-2020-10" target="_blank" rel="noopener">MORGAN STANLEY: Buy these 61 stocks that will offer major earnings-driven upside following an imminent 10% market sell-off</a><h3>2. RBC Capital <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">Markets</keyword>, price target $339 (up from $290), underperform rating </h3>"Reiterated 500k 2020 delivery target, though goal has become more difficult. Our forecast remains ~481k. We raise our 2021 delivery forecast to 766k from 687k. Elon suggested between 840k-1mm; per our survey buy-side expectations in 800-900k range.""Ultimately, our Underperform rating on TSLA is more valuation-based, as we believe the current valuation assumes high growth assumptions and perfect execution on China ramp, Model Y ramp, and future European factory ramp and at a faster pace than we believe likely."<h3>3. Goldman Sachs, price target $455, neutral rating </h3>"While bears may point to the large contribution from regulatory credit sales in the quarter (the upside from credit sales added more than $0.10 to EPS vs. our estimate), we'd note that automotive gross margin excluding credits was still strong which we view as a good sign of the underlying profit potential for the company." "We maintain our Neutral rating on TSLA shares. While we are positive on long-term EV adoption, we believe that the stock's current share price is already discounting at least 10 mn units and a mid to high teens EBIT margin in the long-term (which would make Tesla the most profitable auto company globally). We'd look to be more positive on the stock if we expected Tesla's auto business to exceed this and/or if we were more positive on its opportunity in Energy." Read more: <a href="https://www.businessinsider.com/global-growth-stock-strategy-tips-wcm-fund-manager-mike-trigg-2020-10" target="_blank" rel="noopener">World-beating fund manager Mike Trigg is bringing in huge returns by investing in 3 high-growth areas his peers neglect. He shares the keys to betting on each.</a><h3>4. JPMorgan, price target $80 from $75, underweight rating </h3>"We remain very wary on valuation." "Although both technology and execution risk seem substantially less than was once feared, expansion into higher volume segments with lower price points seems fraught with greater risk relative to demand, execution, and competition. Meanwhile, valuation appears to be pricing in upside related to expansion into mass-market segments well beyond our volume forecasts for the Model 3." <h3>5. Piper Sandler, price target $515, overweight rating </h3>"With every passing quarter, the company's financial condition improves further. Operating margins are expanding toward double-digits, and the balance sheet has been substantially de-risked. Indeed, one of Tesla's primary challenges is finding ways to quickly/efficiently deploy its cash hoard, which now exceeds $14B. Free cash flow has been consistently positive (nearly $1B over the last 12 months), and capex/opex efficiency continues to impress." Read more: <a href="https://www.businessinsider.com/investing-trading-strategy-jim-rogers-8-rules-for-big-returns-2020-10" target="_blank" rel="noopener">Market wizard Jim Rogers started trading with $600 and now has a reported net worth of $300 million. He shares the 8 trading rules that ensured his success.</a><h3>6. Credit Suisse, price target $400, neutral rating </h3>"Helping Tesla's beat was a better-than-expected result in regulatory credit revenue ... Tesla now expects reg credit revenue to more than double in 2020. We think the reg credit contribution somewhat reduces the quality of the beat given lumpiness of this revenue stream, and we could see some arguing against Tesla inclusion in the S&amp;P 500 given the importance of reg credit revenue (we don't hold this view, but others do). Nevertheless, we more broadly are positive on the reg credit revenue opportunity in the future – while this revenue stream will likely eventually go away in the very long-term, for now we believe it is an opportunity for Tesla, and Tesla is right to maximize its competitive advantage in EV to capitalize on this revenue opportunity. "

'Another major step forward': Here's what 6 Wall Street analysts had to say after Tesla's earnings beat expectations

<ul><li><a href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla's</a> <keyword id="9143030" type="UNKNOWN" weightage="60" keywordseo="battery-day">Battery Day</keyword> event on September 22 will introduce groundbreaking technologies that could boost the automaker's profits and vehicle sales for years to come, <a href="https://markets.businessinsider.com/stocks/ubs-stock">UBS</a> analysts said on Friday.</li><li>In a note to clients, the team doubled its <keyword id="168082" type="PERSON" weightage="60" keywordseo="price-target">price target</keyword> for <keyword id="107096" type="COMPANY" weightage="60" keywordseo="Tesla">Tesla</keyword> shares, to $325 from $160, while maintaining a "neutral" rating.</li><li>Tesla is expected to debut battery-cell innovations to boost energy density by roughly 50%, which could lower cell costs by $2,300 per vehicle over the next three years, <keyword id="6365707" type="ORGANIZATION" weightage="60" keywordseo="ubs">UBS</keyword> said.</li><li>Updates to Tesla's Model S and Model X cars and a next-generation Supercharger could drive additional upside at the event, the analysts added.</li><li><a href="https://markets.businessinsider.com/stocks/tsla-stock">Watch Tesla trade live here</a>.</li></ul><a href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla's</a> Battery Day event will have plenty in store for bullish investors, from new cell technologies to a potential vehicle refresh, <a href="https://markets.businessinsider.com/stocks/ubs-stock">UBS</a> analysts said on Friday.In a note to clients, the team led by Patrick Hummel doubled its price target for the automaker's shares, to $325 from $160, while maintaining its "neutral" rating. The updated target is based on expectations for greater sales volumes, higher average-vehicle revenue opportunity, and stronger margins.The latter may be the first of the three drivers to come about, as UBS expects new battery technologies to usher in a new era of profitability for Tesla.Setting aside the stock's recent slump, investors' hopes for the September 22 event and the company's share price "have been in a self-reinforcing upwards circle over the past few months," the team wrote. The event is likely to focus on dry electrode technology, which is expected to boost battery-cell energy density by roughly 50%.Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-16-cheap-tech-for-growth-stifel-2020-9" target="_blank" rel="noopener">Buy these 16 tech stocks that are beaten down from the pandemic and now primed for explosive growth in the months ahead, Stifel says</a>The tech could materialize in a million-mile battery cell for Tesla's vehicles, the analysts said, adding that such a long-lasting product could drive savings of about $2,300 per vehicle over the next three years. That breakthrough would also further Tesla's lead over its competition, according to the bank.Still, Tesla shareholders largely expect battery innovations and have priced in such an announcement. UBS said it sees potential for a refresh of the automaker's Model S and Model X vehicles, including a new top-of-the-range version that may be the first to include the new cells. A surprise face-lift could have a moderate impact on future earnings and Tesla's share price, the team said.Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-30-undervalued-firms-with-strong-fundamentals-2020-9" target="_blank" rel="noopener">Buy these 30 stocks that offer the best bargains for strong sales and earnings growth in a pricey market, Credit Suisse says</a>There's even a slight chance that Tesla will unveil a next-generation Supercharger, the analysts said. Though such an announcement likely wouldn't move shares higher in the near term, it could extend the company's lead over automakers planning their own electric-vehicle charging networks, they added.In all, UBS said it expects Tesla to reach an operating margin of 15.1% and sell 1.4 million cars by 2023. Lower battery costs should drive the initial boost before sales of Tesla's Cybertruck and Model Y models further the lead. The rest of the margin growth will come from a higher take rate of Tesla's self-driving package, the analysts said.Telsa traded at $374.56 as of 9:45 a.m. ET on Friday, up roughly 335% year-to-date.Now read more <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> coverage from Markets Insider and Business Insider:<a href="https://www.businessinsider.com/investing-strategy-advice-tech-stocks-opportunities-andrew-slimmon-morgan-stanley-2020-9">A senior portfolio manager at Morgan Stanley's $665 billion investment management business tells us why the tech stock plunge isn't a cue to abandon the sector — and where to find the biggest gains as the recovery resumes</a><a href="https://markets.businessinsider.com/news/stocks/billionaire-michael-hintze-hedge-fund-august-gain-coronavirus-losses-cqs-2020-9-1029581931">Billionaire investor Michael Hintze's hedge fund still down 43% this year after mild August gain, report says</a><a href="https://markets.businessinsider.com/news/stocks/palantir-direct-listing-ipo-valuation-sec-filing-stock-price-shares-2020-9-1029578874">Palantir's latest SEC filing values firm around $10.5 billion — roughly half of its private valuation in 2015</a><a href="https://markets.businessinsider.com/stocks/tsla-stock"><div type="image" title="TSLA" height="1108" width="1456" msid="78062372" hostid="261"></div></a>

UBS doubles price target for Tesla stock as Battery Day innovations materialize

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Joe Rogan Experience/YouTubeMusk's marijuana joke might prove expensive.</div></div></div>Good morning! This is the tech news you need to know this Friday.<ol><li><a href="https://www.businessinsider.com/tesla-elon-musk-sued-by-sec-2018-9">The US Securities and Exchange Commission is suing Tesla chief executive Elon Musk for making "false and misleading statements."</a> Specifically, the SEC said Musk didn't truly have a deal to take Tesla private, as he claimed in an August tweet.</li><li><a href="https://www.businessinsider.com/facebook-fight-whatsapp-instagram-founders-quitting-2018-9">Current and former Facebookers piled into the debate about how the company treats acquisitions, after WhatsApp cofounder Brian Acton dunked on the firm in a tell-all interview</a>. Several entrepreneurs whose firms were acquired by Facebook were unsympathetic to Acton, suggesting he had sold out.</li><li><a href="https://www.bloomberg.com/news/features/2018-09-27/masayoshi-son-softbank-and-the-100-billion-blitz-on-sand-hill-road?srnd=businessweek-v2">Masayoshi Son, CEO of SoftBank, has said the company plans to raise another $100 billion fund to invest in startups every few years</a>. He told Bloomberg he plans to spend around $50 billion a year betting on startups.</li><li><a href="https://www.businessinsider.com/wikileaks-names-editor-in-chief-because-julian-assange-incommunicado-2018-9">WikiLeaks has appointed a new editor-in-chief because the incumbent, Julian Assange, is incommunicado in the Ecuadorean embassy in London</a>. WikiLeaks announced that Kristinn Hrafnsson will be the new editor-in-chief of the organization.</li><li><a href="https://www.wired.co.uk/article/nike-boycott-colin-kaepernick-russia-twitter">Social media analysis shows that Russian Twitter accounts pushed an online boycott against Nike products, after the sportswear firm revealed its Colin Kaepernick advert</a>. According to Wired, some of the tweets, which received widespread media coverage, showed people burning or destroying Nike products.</li><li><a href="https://www.bloomberg.com/news/articles/2018-09-28/softbank-kkr-are-said-to-seek-mega-deal-for-china-s-bytedance">Chinese startup Bytedance is reportedly raising new funding at a mega valuation of $75 billion</a>. The deal, thought to be led by backers including SoftBank, would make the firm one of the most valuable startups in the world.</li><li><a href="https://www.businessinsider.com/lg-v40-thinq-triple-lens-camera-teaser-video-2018-9">LG's Korean YouTube channel and press site released a video and a press release </a><a href="https://www.businessinsider.com/lg-v40-thinq-triple-lens-camera-teaser-video-2018-9">on Thursday teasing the LG V40 ThinQ: a smartphone that comes with a total of five cameras, compared to the usual two or three</a>. The video doesn't reveal the function of each lens.</li><li><a href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-after-sec-sues-elon-musk-2018-9-1027572582">Tesla's share price cratered after news that the SEC plans to sue CEO Elon Musk</a>. Telsa shares sank by as much as 11% in after-hours trading on the news. </li><li><a href="https://www.businessinsider.com/fortnite-season-6-everything-you-need-to-know-2018-9">There's a new season of the hit game "Fortnite" out, titled "Darkness Rises."</a> The season 6 update adds new locations to the map, including a floating island, a haunted castle, corrupted areas, and corn fields.</li><li><a href="https://www.businessinsider.com/beautygate-iphone-xs-camera-appears-to-apply-beauty-mode-to-selfies-2018-9">Some people are saying Apple's new iPhone selfie camera automatically smooths their skin in photos, and they're calling it 'beautygate.'</a> According to iPhone XS owners, the phone's front camera smooths out their skin much like cameras on Asian phones.<section><div data-e2e-name="byline"></div></section></li></ol>Have an Amazon Alexa device? Now you can hear 10 Things in Tech each morning. Just search for "Business Insider" in your Alexa's flash briefing settings. <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/apple-new-iphone-xr-xs-max-september-2018-9">Watch Apple unveil the new iPhone XR, XS, and XS Max</a></h3> <div> </div> </div>

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'Another major step forward': Here's what 6 Wall Street analysts had to say after Tesla's earnings beat expectations

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