Piper Sandler remains “firmly” Overweight on Tesla (TSLA) following Q3 results. The stock is under performing after-hours presumably because investors had expected jaw-dropping financials. Both deliveries and free cash flow were all-time records, but admittedly, this backdrop didn’t translate into as much upside as Piper had expected, it admits. Headwinds included tariffs, mix, restructuring, and a higher tax rate.
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