Core Viewpoint - Tesla's stock is considered fundamentally overvalued by UBS, which has issued a "sell" rating and set a target price of $215, significantly lower than the current stock price [3]. Group 1: Market Performance - Tesla remains the leader in U.S. stock trading volume, with over $24.7 billion in transactions despite a slight decline of 0.35% in its stock price [1]. - The upcoming Q2 earnings report on July 23 is critical for assessing Tesla's performance and market sentiment [3]. Group 2: Financial Analysis - UBS highlights that a portion of Tesla's profits is derived from regulatory credits, which may decrease in the future, potentially impacting profit quality [3]. - UBS predicts that Tesla's gross margin, excluding regulatory credits, could reach 14%, which is higher than market expectations, indicating that the core business may not be as weak as suggested [4]. Group 3: Management Focus - Concerns have been raised about Elon Musk's focus shifting towards long-term projects like robotaxis and AI, which may detract from the core automotive business [3][4]. - The upcoming earnings report will be crucial to determine if Tesla's core business is indeed suffering due to this perceived distraction, particularly in terms of delivery growth and demand [4][5]. Group 4: Investment Perspective - The investment community remains divided on Tesla, with both bearish and bullish arguments present, emphasizing the importance of evaluating the company's long-term competitive advantages and short-term performance [5].
帮主郑重:瑞银说特斯拉“高估”,这背后得咂摸咂摸