What's new: Following Tesla’s earnings release and conference call on Wednesday, we are raising our 2023E and 2024E EPS estimates to $3.50 and $6 from $3.30 and $5.80. The increase is led by improved profitability at non-auto businesses and despite assuming a lower automotive gross margin. We see 2023 as a transition year, where gross margins will find a bottom in the 1H and we get increased visibility on cost reductions that will enable EBIT margin expansion to the high-teens range in 2024. We maintain our 2/Outperform rating and raise out target to $200 from $145. Download...
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