Beauty is in the eyes of Tesla's believers.
Bullish financial analysts defended Tesla TSLA, -6.14% and its latest electric car concept Friday morning, saying that devoted fans will buy the angular, stainless steel pickup truck and others would warm to the design. Analysts who don’t call the stock a buy, however, were not as kind, and doubted the Cybertruck will give traditional pickup manufacturers like Ford Motor Co. F, +2.07% any kind of race while even wondering if broken windows were a ploy to garner attention.
The Cybertruck “will be a hit with the company’s fanatic EV installed base globally as Musk & Co. are clearly thinking way out of the box on this model design,” wrote Ives, who has a neutral rating and $270 price target on the stock. “Investors will question if this is a mass-market pickup going after Ford and GM with ~3 million pickup trucks sold annually in the U.S., or a more niche ‘wow factor’ model that will be more limited in demand/production scale and scope.
“The radical design will likely be a point of discussion, but over time we expect impressive features will win over a larger audience,” Kallo wrote. “While the futuristic design may be polarizing, we are encouraged by the Cybertruck release and believe that along with the coming Model Y crossover SUV, Tesla will be able to address two key categories of the automotive market that it previously could not,” Dorsheimer wrote.
Roth Capital Partners analysts wrote that the Cybertruck is no threat to traditional pickups. They suggested that Chief Executive Elon Musk showed it off largely for the publicity, and “with that measure, it’s a solid success.”
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