Tesla shares surged well over 20% on Thursday night after posting 3rd quarter results that beat expectations, lifting the stock to its best day in more than a decade. Tesla CEO Elon Musk said his “best guess” is that “vehicle growth” will reach 20% to 30% next year. That prediction was ahead of the 15% expected by analysts surveyed by FactSet. The EV makers revenue of $25.2 billion, was just under analysts’ expectations of $25.4 billion, but was up 8% YoY. They also reported earnings per share (eps) of 72c adjusted, topping the average analyst estimate by ~24% driven largely by things outside of actual car making.
- As investors hunt for value in the rich US market Tesla might attract some investors after this result, a rally above $US300 wouldn’t surprise MM.
Our first thought after hearing this result was whether lithium names are at/approaching their nadir.
MM is cautiously bullish towards TSLA
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