Morningstar Sees Tesla at $450, Implying 46% Upside as Stock Drops 2% Premarket

TSLA-1.17%
Tesla stock slipped 2% in premarket trading on Tuesday, but Morningstar maintained its $450 fair value estimate for the company, implying 46% upside from current levels. Morningstar Chief U.S. Market Strategist Dave Sekera said "now looks like a good time" for investors to dollar-cost average into the decline. This comes after Tesla reported Q2 adjusted earnings of $0.33 per share, missing the $0.54 consensus estimate, while operating margin compressed to 1.4%. Capital expenditure rose to $5.79 billion, pushing free cash flow to negative $1.09 billion.
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