Needham Reiterates Hold Rating on Tesla (TSLA) following Robotaxi event

Needham analyst Vikram Bagri reiterated a Hold rating on Tesla (NASDAQ: TSLA).

The analyst commented: "We reiterate our Hold rating after attending TSLA’s Robotaxi event in Los Angeles. At a high level we view the event and vehicles showcased as a continuation of TSLA’s communicated focus on autonomy as the ultimate driver of long term company value, but we see an uncertain near and medium term event path, specifically into 3Q earnings and given the lack of introduction of a TAM expanding more traditional (as in having a steering wheel and pedals) lower priced EV offering. We are sensitive to the potential profit pools TSLA is attacking in autonomous driving and robotics, but we see a higher likelihood of downside risk to consensus numbers on both units and margins, further stretching valuation for a company whose gross profit dollars in the near and medium term are levered to vehicle deliveries."

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Shares of Tesla closed at $238.78 yesterday.

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