After a bizarre of a first-quarter earnings call on Wednesday night, the analysts who cover Tesla’s stock are starting to pump out reactions.
Nomura’s Romit Shah, a bull with a $420 price target and a buy rating on shares, expressed concern about CEO Elon Musk’s borderline unhinged behavior on the call, but then in a research note to clients highlighted Tesla’s lower capital spend for the quarter.
The carmaker went through about $650 million, versus expectations of over $850 million, Shah wrote. The company now has about $2.7 billion in cash in hand and reduced its expected spend for 2018 to $3 billion from $3.4, while also stressing that it won’t need to raise any new funding.