Tesla slides after Q2 profit miss, first cash burn in over 2 years
TSLA•Shares fall after profit miss and cash burn
Tesla TSLA.O shares fall 5.8% to $352 in premarket trading
EV maker misses Q2 profit estimates, and also reports its first quarterly cash burn in over 2 years
CFO said cash burn to deepen in H2 as spending on AI infrastructure and manufacturing capacity tops $25 billion this year
Brokerages trim targets as spending weighs on outlook
At least four brokerages cut price targets after the results, including TD Cowen, stating analysts expect slightly higher revenue, but lower EPS as TSLA didn't get the cost efficiencies expected in Q2
J.P.Morgan says TSLA shares likely to remain "range-bound near-term" as spending weighs on forecasts, but robotaxi expansion, Cybercab production and rebounding car sales should limit downside and eventually drive an earnings turnaround and unlock more value in the stock
Twenty-four out of 55 brokerages rate the stock "buy" or higher, 24 "hold", seven "sell" or higher - data compiled by LSEG.
Up to last close, stock is down 16.8% YTD
