$Tesla Motors(TSLA)$ : Barclays Raises price Target to $225 from $180
"Key takes:
1. Expecting 2Q miss on Auto GM% we see at 16.0%;
2. 40bps q/q decline in margin to new trough driven by weak price, FSD non-repeat, w/ offset from vol & raw mats;
3. Energy's record 2Q deployments & improving margins an offset to Autoweakness;
4. Fundamentals may regain focus & pressure stock temporarily. We believe TSLAb s clear lead in both the global EV transition and the emergence of the software defined vehicle, as well as positive trajectory on volume, position it very well in the long term, but we believe near-term headwinds for the stock are being overlooked amid the recent rally in the stock, keeping us on the sidelines."
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