Tesla Motors Inc (NASDAQ:TSLA) is up 4% in pre-market trading after the company posted its Q1 results yesterday after market close. The company reported in line revenue of $1.6 billion, a 45% y/y increase, and a loss of $0.57 per share, slightly better than consensus of a loss of $0.60 per share, especially compared to the loss of $2.13 per share for the same quarter of last year. The earnings call adjusted the amount of vehicles delivered in April from 14, 820 to 14,810, with management attributing this adjustment to a shortage in parts. However, the company reiterated its guidance of 80,000-90,000 vehicle deliveries for 2016.
CEO Elon Musk also noted “overwhelming demand” for Model 3 , exceeding his expectations, and stated the company is on track produce and deliver the ordered models in 2017. In the first week of taking orders, the company indicated they would result in about $14 in future sales.
Following earnings, Baird analyst Ben Kallo weighed in on the stock, reiterating an Outperform rating on the stock and increasing his price target to $338 from $330. He states, “TSLA resolved most of its Model X production issues, reiterated its FY:16 delivery target, and expects production to reach ~2k vehicles per week in Q2. He continued, “Additionally, the company accelerated its 500k unit production plan to 2018 (from 2020) given strong Model 3 reservations (>400k), and indicated the gigafactory is on pace to meet the required battery production to meet TSLA’s growth targets.” The analyst concludes “With several upcoming catalysts, we remain buyers.”
According to TipRanks’ statistics, out of the 20 analysts who have rated the company in the past 3 months, 9 gave a Buy rating, 7 gave a sell rating, and 4 remain on the sidelines. The average 12-month price target for the stock is $250.26, marking a 12% upside from where shares last closed.
Fitbit Inc (NYSE:FIT) is falling 9% in pre-market trading following the company’s Q1:16 earnings report released yesterday after market close. The company posted revenues of $505.4 million, surpassing consensus estimates of $444.3 million, and non-GAAP diluted earnings per share of $0.10, surpassing consensus estimates of $0.03 per share.
However, the company posted weaker than expected guidance for Q2 due to higher expenses from increased investments in R&D and marketing. THe company guided earnings per share of between $0.08 and $0.11, way below consensus estimates of $0.26, though sales estimates of %565 million -%585 million are up from consensus of $5312 million. While Q2 guidance is worse than expected, full year guidance surpassed expectations. CEO James Bark stated, “The strong growth and defensibility of our business continues to be powered by product innovation, the network effects of our community, our expanding global distribution, and investment in our brand.” HE continued, “Based on the first quarter’s performance and momentum, we are confident about the remainder of the year, which is reflected in our increased guidance.”
Analyst Andrew Uerkwitz maintained an Outperform rating on the company with a $25 price target following earnings. He states, “We initiated FIT with a LT thesis of digital health (still intact) with comfort there is/ will be tremendous demand for the hardware. Demand is there (beat/raise; ~37% y/ y growth) but management is struggling with the pushes/pulls of operating a rapidly growing business. This volatility in OpEx (and messaging) is exerting pressure on the stock. … We see this back and forth culminating in Q4 when mgmt’s sales/marketing strategy could deliver real leverage in the model.”
According to TipRanks, out of the 18 analysts who rated the stock in the past 3 months, 10 gave a Buy rating while 8 remain on the sidelines. The average 12-month price target for the stock is $23.23, marking a 36% upside from where shares last closed.
Alibaba Group Holding Ltd (NYSE:BABA) is up close to 5% in pre-market trading following its Q$FY16 earnings this morning before market open. Revenue climbed 33% to 24.23 billion yuan compared to consensus estimates of 23.22 billion yuan. For the quarter, the company reported earnings of 3.02 per share, which missed consensus estimates of 3.60 yuan. However, GMV on its Chinese retail marketplaces rose 24% to 742 billion Yuan, despite struggling with a slowdown in the Chinese economy and e-commerce maturation, and looked to expand into other markets to offset declines, such as focusing more on mobile monetization. This effort materialized into a 42% increase in mobile monthly active users of 410 million.
According to TipRanks statistics, all 7 analysts who have rated the company in the past 3 months gave a Buy rating. The average 12-month price target for the stock is $99.14, marking a 31% upside from where shares last closed.
Qorvo Inc (NASDAQ:QRVO) is up over 8% in pre-market trading after the company reported 4Q:16 earnings yesterday after market close. The company reported sales of $608.1 million and earnings of $1.04 per share, topping consensus estimates of $599.2 million and $0.92, respectively. The company also reported better than expected guidance for Q1. Prior to earning, some analyst reflected concern regarding the effect that Apple’s slowing iPhone sales would have on the company. However, the company is ramping up RF production for the new iPhone 7.
Needham &Company analyst Quinn Bolton reiterated a Buy rating on the company and raised his price target to $53 from $50 following earnings. He stated “Having taken the brunt of reduced demand and inventory adjustments at its largest customer in the December quarter, QRVO reported better than expected F4Q16 results and provided impressive guidance for F1Q17 driven by increased dollar content and share gains at Samsung (GS7) and Chinese OEMs/ ODMs. …Reflecting healthy revenue growth, increased margins and a lower share count, management believes NG EPS will approach $5.00 in FY17… QRVO is clearly outperforming its smartphone peers…”
According to TipRanks, out of the 9 analysts who have rated the company in the last 3 months, 6 gave a Buy rating while 3 remain on the sidelines. The average 12-month price target for the stock is $54.86, marking a 23% upside from where shares last closed.