Tesla (TSLA) Loss Narrowed By 70% at Citi Ahead of Earnings

Citi analyst, Itay Michaeli, reiterated a Sell rating and $191.00 price target on Tesla (NASDAQ: TSLA) but updated his estimates to include the most recent delivery information ahead of the company's Q2 report on Wednesday after the close. The new Q2 non-GAAP EPS loss estimate narrows from $1.52 to $0.45 and includes a slight non-GAAP EBIT profit.

The analyst stated "After a better Q2 delivery outcome, we’ll be watching Tesla’s ASPs and resulting clean automotive gross margin (ex. credits). We view an auto gross margin in the range of 21-23% as a decent benchmark whereby anything materially lower would support the bear case on Tesla’s profitability, and anything materially higher would support the bull case".

For an analyst ratings summary and ratings history on Tesla click here. For more ratings news on Tesla click here.

Shares of Tesla closed at $257.87 yesterday.

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