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Surprises carry Tesla shares with the upgrade after losing $ 600 billion

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The scourge of Tesla stocks It caught the eye of a popular Wall Street bear on the electric car maker.

Citi analyst Itay Michaeli raised his rating on Tesla to Neutral from Sell on Wednesday, citing a loss for the company. More than 600 billion dollars In the market value from its highest levels in November 2021, it came close to being exaggerated.

“We believe the year-to-date pullback has balanced risk/reward in the near term,” Michaeli wrote in a note to clients.

The analyst gave several reasons for the evaluation-based promotion.

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“(1) With the multiple contracting of ~30x 2023E EPS, we feel some of the previous predictions we didn’t agree with have run out,” Michaeli explained. (2) Although the latest model update leads us to reduce it [near term] Earnings per share estimates, we still find ourselves slightly above consensus on earnings per share for Q4 — 2024H. (3) Macro/competitive concerns are certainly likely to remain accretive as capacity increases, but as we wrote earlier, in a hard landing scenario, Tesla’s long-term competitive position is also likely to improve and potentially be further enhanced by [the Inflation Reduction Act]. “

Michaeli’s new price target is $176, up from the previous $141.33. Tesla stock rose 1% in pre-market trading on Wednesday.

Further upgrades to Tesla shares on Wall Street could lurk at the end of the year, based on the trajectory in recent months that partly reflects concerns about CEO Elon Musk gets distracted by turning on Twitter.

In the past month alone, Tesla stock has fallen 20% — compared to a 6.6% rally in the S&P 500.

“These are a very tense few months for Tesla investors because they are still the ones who get punched again and again by Musk Twitter, the stock is now deep in the investor penalty box until deliveries arrive in early January and we get a better sense of the delivery/production path for 2023,” he warned. Wedbush Analyst Dan Ives.

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Ives — Tesla’s longtime bull — removed the stock from Wedbush’s list of best ideas earlier this month.

A modified Tesla Model X enters the tunnel entrance ahead of the Boring Co.’s Hawthorne Test Tunnel unveiling in Hawthorne, California, US, on December 18, 2018. Robyn Beck/Pool via REUTERS

Brian Suzy It is a comprehensive editor and Anchor at Yahoo Finance. Follow Suzy on Twitter @tweet and on linkedin.

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TherapeuticsMD enters into product licensing agreements for Mayne Pharma

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The Minister of the Interior welcomes the report calling for the suppression of asylum seekers

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Soella Braverman, Britain’s Home Secretary, has welcomed a report calling for a massive crackdown on asylum seekers who come to Britain using illegal methods, including placing them in indefinite detention.

Braverman is under increasing pressure from Tory MPs to control migration across the Channels in small boats, with 44,000 people arriving in Britain using the route already this year.

On Monday, a centre-right think tank will publish a report saying that “if necessary” Britain should change its human rights laws and withdraw from the European Convention on Human Rights in order to tackle the problem.

Refugee groups said the proposals, if implemented, would be a major breach of Britain’s international obligations and tarnish its reputation as a haven for desperate people seeking refuge.

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The Center for Policy Studies report, co-written by Nick Timothy, Theresa May’s former chief of staff as prime minister, calls for new laws that would make it impossible to seek asylum in Britain after traveling from a safe country, such as France.

It also calls for a ban on immigrants entering the country using illegal routes from settling in Britain, and for the “expedited transfer abroad” of such immigrants to Rwanda or other third countries willing to take them.

Timothy and co-author Carl Williams say Britain may have to leave the European Court of Human Rights to allow detention and transfers abroad. They also want to fix May Modern slavery lawthe main legislative tool in the UK to deal with abuses in supply chains, to avoid its alleged misuse.

They argue that all future grants of asylum should only take place through formal resettlement routes and no more than 20,000 people per year.

The issue of small boat immigration became a major political problem for the Conservative government, particularly in the working class seats in the North and Midlands.

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Braverman said she did not agree with “everything” in the report but said she welcomed it as “a vital and necessary contribution to the policy discussion about what can be done to address crossings.”

In the introduction to the report, she said: “There is a range of policy options. With clear thinking, political will and determination, we can defeat the smuggling gangs, and against those who abuse our system, and we will comprehensively address the problem of small boats.”

Tory MPs are tired of the tough talk of home ministers and want action from the government to tackle the surge in migrant crossings. Braverman’s allies have refused to say which parts of the CPS report they support.

They were also described as “wrong”. a report The Sunday Times reported that ministers were drafting laws to prevent illegal asylum-seekers from settling in Britain.

For his part, Robert Jenrick, the Immigration Minister, said it was “very difficult” to see how Albanians, who are currently The largest number of small boat crossingsthey must be able to successfully claim asylum when they come from a ‘clearly’ safe country.

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Inver Solomon, chief executive of Refugee Council, a UK charity, said of the CPS report: “The policies outlined in this report will lead to the UK withdrawing from the Refugee Convention, which we signed up to just over 70 years ago.”

Yvette Cooper, the shadow home secretary, said the government’s asylum policy was “a mess” and based on “a headline-hunting”.

“They have to adopt the Labor plan including a specialized unit in the National Crime Agency to go after the criminal gangs that lead this, and take immediate action to end the backlog and chaos from the asylum system,” she said.

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Tennessee Gov. Lee is considering tripling electric vehicle fees, adding fast-track toll lanes

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Tennessee Gov. Bill Lee is considering allowing freeway toll lanes and tripling tolls for electric vehicle owners as he targets his first big push after winning re-election — paying tens of billions of dollars in road projects.

The Republican insists on what he will not do: raise the gas tax. add full toll roads; Or issuing debt instead of the pay-as-you-go method of financing.

Timing, Lee says, is critical to quickly shifting onto the roads. With Tennessee’s rapid growth and truck traffic, state transportation officials say $26 billion in projects are needed to address worsening congestion, only $3.6 billion of which is planned under A big criticism on the roads by my predecessor. Officials also say the projects are taking so long — 15 years on average — that they are over budget by 40%.

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Like other states, current funding of roads in Tennessee through gas taxes is looking less reliable as more people switch to fuel-efficient cars and electric vehicles. Tennessee has also become a center for electric vehicle production, highlighted by Ford’s upcoming massive electric vehicle project with a partner company’s battery plant.

Lee will need Republican representatives on board to get much of what he wants. This includes opening the way for private companies to bid to build new highway lanes and charging tolls for profit. Lawmakers will also need to agree to increase the annual fee for owning an electric vehicle from $100 to $300.

Transportation Commissioner Butch Ely has stated that any rapid transit toll lanes will be newly built, and will not convert existing carpool lanes into toll lanes. Across the country, five states have rapid transit lanes, 10 states have shared car lanes that allow others to join at a price, and some have both, according to a February 2021 report from the Federal Highway Administration.

Driver eligibility and pricing policy can be controlled by the state, which can go down or up based on current crowding, while charging only those who want a faster ride. A private company designs, builds, finances, operates and maintains the trails.

“There is nothing, I think, more equitable than paying people for what they use,” Eli told reporters Thursday.

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The $300 electric car fee may be the most expensive in the country. As of July, 31 states had similar annual fees, ranging from $50 in Colorado to $225 in Washington, according to the National Conference of State Legislatures. Eli says the increase better reflects what electric vehicle drivers will pay in federal and state gas taxes.

However, Lee said officials may or may not settle for $300.

“We want to make sure that there are fair fees for everyone,” Lee told reporters. “We’ll find out what that number is and move on.”

Vehicle taxes are mixed state by state. Some charge property taxes and annual inspection fees, for example. Tennessee has phased out the last required vehicle test and does not tax personal property.

Democratic Senate Minority Leader Jeff Yarbrough said he will wait for Lee’s strategy details, hoping to hear about everything from roadworks to mass transit.

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“I look forward to learning more and speaking to the governor because there has been a lot of focus on highways in the state,” said the Nashville Rep. “But the country needs a transportation strategy, not just a highway plan.”

Lee’s sweeping road push, which also calls for pay increases for transit workers and other expansions in public-private partnerships, comes after former Republican Gov. Bill Hasan struck a deal during a drawn-out battle over his 2017 plan. $0.20 to $0.26 per gallon over three years and raised the diesel rate as well, among other changes that partially lowered separate taxes.

My boost comes after the passing of President Joe Biden Infrastructure law. However, the governor’s transportation team said Tennessee’s five-year building plan was up about $1.7 billion under the law, saying that’s not a significant influx of funding.

Meanwhile, railroad expansion is not part of Lee’s immediate plans. The concept has been hotly debated in Nashville, where a light-rail ballot failed in 2018, toppled by opposition to tax increases and fears that it might accelerate gentrification that drove some low-income people out of their communities. Ely said the state will continue to look at railroad possibilities in the future.

In the GOP-led legislature, House Speaker Cameron Sexton and Senate Speaker Randy McNally said they are taking a deep dive into how to fund transportation infrastructure.

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They will have plenty of work to do when lawmakers return for their annual legislative session in January. For example, Sexton mentioned railways as a topic that needs to be discussed.

“We have to have honest discussions about the infrastructure in our state to solve the problem of traffic congestion,” Sexton said. “This should include expanding rail access, shortening the decades-long timetable for road construction, and also looking at fast lanes on our highways in very congested areas.”

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Nashville-based Kimberly Crossi contributed to this report.

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