Tesla Target Up at J.P. Morgan, Based on Output, Deliveries

J.P. Morgan analyst Ryan Brinkman lifted his stock-price target on Tesla based on its recent output-and-delivery report.
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Tesla  (TSLA) - Get Report shares rose as the Wall Street analyst with the most bearish view of the electric-vehicle maker, Ryan Brinkman of J.P. Morgan, raised his price target to $295 from $275.

Brinkman affirmed his rating of the stock at underweight.

He acted based on last week’s second-quarter production-and-deliveries numbers. Brinkman also cited last week’s reports of an email from Chief Executive Elon Musk to Tesla’s staff saying, "breaking even is looking super tight."

That indicated a "substantially greater outcome" for the second quarter than Brinkman expected, he wrote in a commentary cited by The Fly.

Still, Tesla shares are trading at a "lofty" valuation, he said, according to MarketWatch. 

And he warned that much better earnings could include items of “a one-time nature.” That would consist of credit sales and release of deferred revenue associated with autonomous-driving features.

Deutsche Bank analyst Emmanuel Rosner also lifted his share-price target, to $1,000 from $900, maintaining his hold rating. He, too, cited "robust" deliveries numbers, MarketWatch reported.

Meanwhile, Tesla has begun to offer skimpy shorts known as Tesla Short Shorts. “The product is likely Musk's latest jab at short sellers of TSLA stock,” writes Rob Maurer of Tesla Daily.

"Celebrate summer with Tesla Short Shorts. Run like the wind or entertain like Liberace with our red satin and gold trim design,” reads Tesla’s marketing copy for the shorts. “Relax poolside or lounge indoors year-round.”

Tesla shares at last check stood at $1,271.61, up 5.2%, after it rose nearly 8% on Thursday. The stock has well more than doubled over the past three months, compared with a rise of 26% for the S&P 500.