Tesla's Model 3 Delays Don't Faze Investors
- Shares shrug off news of ‘bottlenecks’ for $35,000 sedan
- Nomura starts coverage, predicts ‘unprecedented’ revenue rise
Tesla's Model 3 Production 'Less Than Anticipated'
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Shareholders shrugging off Tesla Inc.’s plodding start with its newest electric car were backed up by the newest analyst to start covering the company, who instantly became the biggest bull on Wall Street.
Nomura analyst Romit Shah recommended buying Tesla shares, slapped a $500 price target on them and predicted an “unprecedented run-up” in revenue in his first report on the company Tuesday. The bullish call followed the carmaker’s announcement that it had made just 260 Model 3 sedans in the third quarter, well short of its 1,500 unit forecast.