BofA analyst John Murphy raised the firm’s price target on Tesla to $950 from $900 and reiterates a Neutral rating on the shares. The stock in premarket trading is up 3% to $761.60. The Q2 earnings beat was driven by lower research and development expenses and provision for income taxes, says the analyst, who notes that revenue came in somewhat ahead of estimates with higher sales across the segments. He views the quarter as “impressive” in the face of headwinds but says Tesla shares “may be priced to perfection.” Near-term earnings beats “may be insufficient to get bulls incrementally positive,” Murphy tells investors in a research note.
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