Zacks Investment Research downgraded shares of Tesla Motors, Inc. (TSLA) from OUTPERFORM to NEUTRAL on November 14, 2013, with a target price of $146.00.
We are downgrading Tesla Motors to Neutral based on its continued losses, production constraints, high prices and mounting R&D and SG&A expenses. The company logged an adjusted loss of $0.04 per share in the third quarter of 2013, which compared unfavorably with the Zacks Consensus Estimate of break-even results. Revenues surged to $602.6 million from $50.1 million a year ago, significantly surpassing the Zacks Consensus Estimate of $553 million. Tesla has clinched a substantial share of the electric cars market and is witnessing rising sales thanks to an impressive product portfolio. Although the company is yet to generate sustainable profits, it is well placed to gain from product launches and international expansion.
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