The firm rated the electric vehicle maker a buy while bringing down the price target.
Tesla is a beaten-down stock worth buying now following price cuts, according to Berenberg. Analyst Adrian Yanoshik upgraded the stock to buy from hold. Yanoshik lowered his price target by $55 to $200, which still implies a 12.4% upside from where the stock closed Friday. He lowered his earnings estimate by around 25% for 2023 following price cuts for its electric vehicles .
He also said the company is pricing to "drive volumes" in homes of keeping itself competitive with new electric vehicle launches and could see market share at a gross margin of more than 25%. Expecting single-digit price cuts for the Model 3/Y for 2023 and a smaller cut for the Model S/X, Yanoshik lowered his gross margin estimate but raised his volume estimate by 2% for 35% year-over-year growth.
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