Telsa Inc.'s first-quarter deliveries are tracking in line to slightly below expectations, according to Pacific Crest, where analysts trimmed earnings-per-share estimates on Tuesday. "While Model 3 remains the sizzle in the stock for now, our longer-term bias remains more negative given that Model X demand continues to show up soft (>30% of future profit), Model S deliveries appear to be down y/y for three of the past four quarters, and Model 3 production ramp remains fraught with risk," analysts wrote in a note. Pacific Crest is raising its revenue estimates as it expects the number of total cars that are not subject to lease accounting has risen. But its core unit volume expectations have not changed and it lowered its EPS estimates due to higher research & development spending and higher interest expense from the company's recent convertible debt offering. The brokerage is now expecting fiscal first quarter EPS of 43 cents, down from a previous 50 cents. Revenue is expected to come to $2.277 billion, up from a previous $2.137 billion. Shares were down 0.5% premarket, but have gained 26% in the year so far, outperforming the S&P 500's 4.6% gain.
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