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Tesla Bull Says Elon Musk Delivered ‘Rip The Band-Aid Off’ Q1 But Cautions This Could Derail Bullish Thesis

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Following Tesla, Inc.’s (NASDAQ:TSLA) first-quarter earnings release, Wedbush analyst Daniel Ives maintained his bullish recommendation.

The Tesla Analyst: Ives maintained an Outperform rating, but reduced the price target from $300 to $275, citing his lowered estimates for the company.

The Tesla Thesis: Tesla delivered a “rip the band-aid off 1Q,” with the disaster results widely expected by the Street following the weak quarterly delivery numbers, said Ives in a note. The focus of the analysts and investors was, however, around the blueprint and roadmap for growth, he said.

The analyst also approved of CEO Elon Musk’s earnings call comments. “In a much-needed conference call Elon Musk finally stepped up as the adult in the room and laid the foundation for Tesla’s growth strategy, with most importantly a lower cost vehicle now slated for 2025 production and delivery,” he said.

This quelled anxiety among investors that Musk would take Tesla straight to …

Full story available on Benzinga.com

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