TSLA - Tesla: A Generational Company In Its Executionary Infancy

• TSLA has gone from being one of the greatest battleground stocks on the market to being dominated by a feisty bull camp both in the retail and institutional crowd.
• While many bears point to TSLA as being the $1T posterchild of a massive Fed-induced bubble market, we think TSLA is actually in the very early innings of industry disruption.
• We think TSLA is no longer a demand-constrained business like it might have been in 2018-19. It's in the early innings of building out the ~70mn annual unit BEV market.
• TSLA's ability to execute in EVs can justify current valuations in our view, with reasonable moonshots in energy and autonomy offering optionality to investors.
• Restarting coverage of TSLA at Hold. PT set at $900. Bear case target set at $390. Bull case target set at $1,200.

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