GLJ Research analyst Gordon L. Johnson II had a Sell rating on Tesla, Inc (NASDAQ: TSLA).
The analyst does not see Tesla any longer growing at its 50% a year "mirage" without a much cheaper car it will not have for years in a best-case scenario, and its Q3 results are also shaping up to be a big disappointment.
With Q3 cuts to list prices in the USA, China, Japan, and for the company's full-self-drive vaporware, as well as the analyst's observation that TSLA is increasingly selling units from inventory at discounted prices, it is his view that in addition to a ~1% incremental headwind to ASPs in Q3 quarter-over-quarter from list prices, there may be an additional ~1%-2% QoQ hit from inventory discounting.
The upshot is that TSLA's reported Q3 ASPs may be down 2%-3% sequentially, more than the -2.0% he modeled.
According to the analysts' Q3 delivery estimate of 442K vs. Consensus' current 463K estimate, a slew of negative earnings revisions are on ...