Ford had a strong third quarter with adjusted diluted EPS of $0.65 up 91% year over year and far ahead of the $0.19 Refinitiv consensus. We are raising our fair value estimate to $13 from $8.
We expect the EV maker to keep innovating to stay ahead of competitors.
After taking Tesla out from under review as explained in our Oct. 19 note to upgrade its moat to narrow from none, our new fair value estimate is $319.
We expect to increase our fair value estimate by about 13%.
We see more reasons to oppose a battery electric vehicle spin-off than to support one.
We are raising our fair value estimate to $50 after the automaker announced it is receiving $2 billion of stock in Nikola, a hydrogen and electric vehicle maker.
We are not changing our fair value estimate for either firm.
Retail investors will find shares more attractive after this move, though it doesn't affect the intrinsic value of the company.
We are leaving our fair value in place due to Ford’s high debt load, and we want to see Farley produce meaningful improvement.
Ford reported second-quarter results ravaged by the coronavirus that forced shutdowns, including six weeks of idle time in North America.
Tesla reported profitable second-quarter GAAP results, and adjusted diluted EPS of $2.18 rose significantly from the prior year’s quarterly loss of $1.12.
Despite a major hit in the first quarter, we are not changing our fair value estimate for the no-moat firm.
We are increasing our fair value estimate to $731 from $239. If a recession can’t stop Tesla then virtually nothing will, and we expect the company to remain a leader in autonomous technology and range.
Ford’s first-quarter results suffered hard from COVID-19 and the worst is yet to come.
The move to us is about debt extension, and we believe it does not create new funding for the automaker.
Sales will be horrendous in the near term, but there’s value to be found.
We expect the no-moat firm to survive the damage without going bankrupt.
There is little data to gauge the coronavirus impact on the industry, so we are not changing our forecast at this time.
We expect modest auto market growth this year, with GM and Adient as standouts.
Our analysts offer their annual global auto overview, forecast, and actionable ideas.
We don’t think Ford’s intrinsic value is well below $10 per share as the stock often trades, but we do think the stock will stay in that area for at least all of 2020.
Tesla’s fourth-quarter results showed a $105 million profit with GAAP diluted EPS of $0.56, and adjusted basic EPS of $2.14 easily beat the Refinitiv consensus of $1.72.
Ford, GM, and Penske can continue providing dividends despite sales declines.
Tesla is a volatile name and fair value estimate changes may be frequent as its story changes.
Even after the market’s positive reaction, the stock looks very undervalued.
Our fair value estimate remains in place unless market sentiment becomes too negative.
We are not changing our fair value estimate for the no-moat automaker.
We are leaving our U.S. autos coverage fair value estimates in place, because the tariff will face major pushback from lawmakers.
We expect things to get better for GM as the year unfolds.
We are giving Tesla the benefit of the doubt and maintaining our fair value estimate.
Its autonomous vehicle plan has potential, but we're not changing our valuation yet.
With a credit pullback and larger supply of used vehicles, there likely won't be growth in U.S. auto sales this year.
The carmaker is closing all stores to sell the $35,000 Model 3.
We're not planning to change our fair value estimate for the no-moat firm.
The no-moat firm's results show EPS beat consensus, and with a steady macro environment, 2019 could be a good year.
Tesla's results were slightly ahead of expectations and we still see shares as overvalued.
Elon Musk's plan to slim the workforce to drive down the price of the Model 3 is sensible, and our fair value estimate is unchanged.
Optimism after analyst day sends the stock soaring, but we still think shares look cheap.
We think the stock is undervalued, but it may remain cheap until more certainty comes in governance.
High-end demand remains strong for the automaker.
We are raising our fair value estimate for the no-moat firm.
The company is focusing on areas in demand in the likely closure of three plants.
Concerns about safety and the fate of private vehicle ownership are just two reasons this technology will stay in first gear for now.
We are increasing our fair value estimate and expect Model 3 momentum to continue into the fourth quarter.
We are raising our fair value estimate to account for an increase in vehicles delivered through 2027.
We like the deal because it gives Cruise even more cash to scale up quickly without further using GM's funds.
Both Ford and GM faced tough comparable from last year.
We think the settlement is wise, but Musk is better in a role other than CEO.
Without Musk, we estimate that Tesla is worth, at best, about $126 per share.
Both automakers offer attractive dividend yields, but we like GM better today.