(Bloomberg) -- New Street Research analyst Pierre Ferragu, formerly of Sanford Bernstein, became the biggest Tesla bull on Wall Street in a broader initiation of twelve technology infrastructure stocks. Tesla shares closed down 5.6 percent after a combative earnings conference call that left some analysts bewildered.
- Ferragu initiated Tesla with an outperform rating and price target $530, which compares to the analyst average of $320 and tops the previous Street-high by $60
- "We find Tesla will almost reach positive free cash flow by year end, despite missing unreasonable early production volume expectations," Ferragu wrote
- Sees Tesla eventually becoming a $200 billion to $300 billion market cap company, versus its current market value of ~$48.3 billion
- Other outperform initiations: Broadcom (Street-high PT $370), Nvidia (Street-high PT $320), Palo Alto Networks (Street-high PT $235), Applied Materials (PT $80), Intel (PT $70), Infineon (PT EU28)
- Market perform initiations: Apple, Cisco, ASML, Ericsson, Nokia
- Tesla has 10 buys, 12 holds, 8 sells: Bloomberg data
- NOTE: April 13, Credit Suisse's Fingeroot Is Said to Join New Street Research
To contact the reporter on this story: Arie Shapira in New York at ashapira3@bloomberg.net.
To contact the editors responsible for this story: Chris Nagi at chrisnagi@bloomberg.net, Brad Olesen
©2018 Bloomberg L.P.
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