Tesla Analyst Explains Stock's 12% Post-Earnings Pullback: 9 Catalysts That Can Stall The Sell-Off

Benzinga2023-07-28

ZINGER KEY POINTSThe possibility of further prices and cuts and margin erosion is weighing down on Tesla stock, Future Fund's Gary Black says.The analyst is of the view rising rates hurt long-duration...

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CEO Elon Musk left open the possibility of further price cuts on the second-quarter earnings call, blaming it on a rising rate environment.Black said the price cuts are unlikely to be supported by a decline in the cost of goods sold.Thursday's weakness can partly be blamed on a report that said the company overstated EV range and the regulatory risks surrounding its full-self driving software, the fund manager said.The spike in the 10-year Treasury yield by 13 basis points to 4% on Thursday on the back of better-than-expected second-quarter GDP data did not help matters any further, he added.“Rising rates hurt long-duration growth stocks most,” Black said.What's Next: Black, however, is bullish on Tesla. Tesla is the second biggest holding of Future Fund's actively-managed Future Fund Active ETF exchange-traded fund.The fund manager is very excited about Tesla's upcoming Cybertruck. He listed the following as the key catalysts that could give the sagging stock a lift:Gross margin stabilizing in the third quarterModel 3 refresh/Highland launch in the third quarterCybertruck deliveries beginning in the fourth quarterFederal Reserve pivoting on interest rates$7,500 EV instant rebate in 2024Twitter turning cash flow positive in 2024Initiation of a $10 billion buyback in 2024FSD Alpha version 12 L4 release in 2024Launch of a compact $25,000-$35,000 car in 2025Black has six months to a one-year price target of $320 for Tesla stock.Tesla ended Thursday's session down 3.27% at $255.71.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":27,"commentSize":0,"repostSize":0,"favoriteSize":1,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1156150858"}