Top Tesla analyst keeps his 'underperform' rating on the stock, says bulls' key argument is wrong
Bernstein's Toni Sacconaghi is not seeing the software giant in Tesla his counterparts on Wall Street do. An analysis from the firm found Tesla's software brings in about $290 million per quarter, or 1.3% of total revenue. That is under 5% of gross profits. Sacconaghi rated the stock as underperform with a price target of $150, which would be a 34% drop from shares' close on Tuesday at $227.82.
The rate of people opting for FSD has declined to that roughly 5% estimate from more than 40% in the second quarter of 2020 as the price of the addition tripled and the customer base grew from excited company fans to a broader cross-section. Tesla offers a monthly subscription option but stated in 2021 the rate of participants in that plan was "not significant.
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