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Tesla's Fremont Factory Running 10-20% Above Capacity, "2Q is Shaping To Be a Monstrous Quarter" – Global Equities' Chowdhry Remains Bullish in the Face of Selloff

Stock Markets May 02, 2022 10:45AM ET
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© Reuters. Tesla's Freemont Factory Running 10-20% Above Capacity, "2Q is Shaping To Be a Monstrous Quarter" – Global Equities' Chowdhry Remains Bullish in the Face of Selloff

Global Equities Research analyst Trip Chowdhry is yet again voicing strong support for the shares of Tesla (NASDAQ:TSLA), even as the stock is battered by massive insider sales from CEO Elon Musk.

As part of his routine monthly checks on the EV maker's Fremont Factory, the analyst has noted that "May 2022 is off to an extremely strong Production, Shipments and Deliveries."

He highlights the factory photographs, which appear to show "a lot more Shipping Trucks in 2Q'2022 vs.1Q'2022" and estimates that "TSLA has increased the number of Shipping Trucks by at least 20%."

The analyst thus believes "Fremont Factory is running 10% to 20% above capacity" and comments that "2Q is shaping to be a Monstrous Quarter".

In its most recent quarter (1Q), the company delivered a strong beat with EPS of $3.22, significantly above the consensus estimate of $2.26. Revenue grew 81% year-over-year to $18.8 billion, beating the consensus estimate of $17.8 billion. Tesla produced a total of 305,407 vehicles while it delivered 310,048.

The analyst's comments also come on the heels of a recent Tesla stock turmoil. Shares of the world's biggest EV producer took a nearly 15% hit last week, as Tesla's CEO Elon Musk sold $8.5B worth of the company's stock to finance his acquisition of Twitter (NYSE:TWTR) before tweeting that no further sales are planned. Musk is also using Tesla shares as collateral for a loan to finance part of the transaction.

Trip Chowdhry reiterates a "Buy" rating on TSLA shares with a $2300 Price Target, implying just shy of 200% upside from current levels of ~$870.

Tesla's Fremont Factory Running 10-20% Above Capacity, "2Q is Shaping To Be a Monstrous Quarter" – Global Equities' Chowdhry Remains Bullish in the Face of Selloff
 

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Comments (2)
Barak David
Barak David May 02, 2022 11:17AM ET
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but what about the Shanghai factory? its Tesla's main factory and it was closed for more than a month, its suppliers were also forced to shut down. Q2 should be flat or even slightly lower than Q1. massive beat YoY.
me ish
me ish May 02, 2022 11:02AM ET
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utterly laughable - Mush always sells at the peaks - he pumps and then sells to dump - if folk haven't worked that one out yet, they're missing a few screws in the head. He's not mentioning the high risk and massive problems of the German and Shanghai gigafactories - yeah, just ignore those in your analysis, why don't you?? and if prices are supposed to reflect future earnings growth, he seems to be keeping his future outlook to the next month or two and certainly not beyond that, as we're continuing to see massive inflation in manufacturing input costs (which were not reflected in Q1 and also a very rapid drop in demand for new cars globally.
 
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