'Valuation is full': Goldman Sachs downgrades Tesla stock after its 105% year-to-date surge
Delaney said that he expects Tesla's second-quarter vehicle deliveries to post close to consensus estimates of about 450,000, and that the launch of new products like the Cybertruck and a refreshed Model 3 represent tailwinds for the company. are likely to continue to have a negative impact on Tesla's profit margins and should hold down the stock for now.
"We are also cognizant of the difficult pricing environment for new vehicles that we think will continue to weigh on Tesla's automotive non-GAAP gross margin this year," Delaney said. The margin pressures combined with Tesla's high valuation gives Delaney comfortability in his downgrade call on the stock. Tesla stock currently trades at a forward price-to-earnings ratio of about 53x, which is more than Nvidia's 41x.
But Goldman could turn more bullish on Tesla stock if the company meaningfully ramps up the production of its third generation vehicle platform, that could include an affordable car, or if the companyDelaney increased his Tesla 12-month price target to $248 from $185, representing potential downside of less than 1% from current levels. Tesla stock fell nearly 3% in Monday's trading session.
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