From Nasdaq:

Tesla is preparing to release its fourth-quarter results, and Morgan Stanley analyst Adam Jonas has cut his 2024 adjusted earnings per share estimate for the company from $2.41 to $1.98. As a result, the price target for Tesla has dropped from $380 to $345. Future Fund co-founder Gary Black finds Jonas’ estimates “weird” and holds a $3.75 per share estimate for 2024.

Jonas’ estimate implies 2024 deliveries of 1.8 million units and an auto gross margin of 10%, with a construction from the valuation of the company’s core auto business. Tesla is expected to report fourth-quarter adjusted earnings per share of 74 cents and revenue of $25.547 billion. The stock, currently trading low, will need a strong performance and outlook to break out.

Tesla closed on Monday’s session at $208.80, down 1.60%, according to Benzinga Pro data. Gary Black highlights the fourth-quarter core auto gross margin, commentary on the margin outlook, and 2024 deliveries as key metrics that can move the stock. Check out more future of mobility coverage by following the link.



Read more: Fund Manager Gary Black Puzzled By Tesla Analyst’s ‘Weird’ Take On EV Giant’s Stock: ‘MS Sales Team Will Have A Hard Time With This Call’