the stock getting hit as adam jonas says he expects a wider loss thun first quarter. puts 2015 earning estimates at a loss of 2.30. versus consensus of earnings of 58 cents. despite slashing estimates, jonas maintains overweight raining and the $280 price target on the stock. just out of curiosity, we went to bank of america, which has a sell rating on the stock and expecting 95 cents for 2015 and has an underperform rating in a $65 price target. so, almost like living in an opposite world here where adam jonas has an overweight rating and well below and the sell rating guy has eps estimates. that is above consensus. >> is it really when you think about a stock that people are not looking that present. as if our earnings don't matter. modeled after 2020, almost like a discounted cash flow model. so, this is my big criticism of how tesla is covered. company is a great company and a great piece of technology, but should not be valued where it is. >> also an example of a software that everybody is going up to 2020. but at the same time the stock trades on a minute-to-min

you and your colleague adam jonas had a note jed lowering estimates on tesla and i'm curious becauset struck me was the estimates for 2015 and 2016 full year were well below consensus and yet you are sticking with your overrating. for 2015 your estimate is lower than the bank of america analyst who has a sell rating on the stock. as somebody who is looking at this, it doesn't make any sense. >> it comes down to what do you see tesla has as. we see tesla is successful maker of cars that are fun to drive and cars that people really want to buy. if someone wants to own tesla because they're going to sell millions of cars by 2020, we're not sure that's going to work. our price point for each car is higher because we think that the car is actually going to be better and they will sell to a more luxury customer. if you view tesla of the bmws of evs, we still think it's worth something like 280 bucks. >> so basically as an outside observer, you're saying -- it almost doesn't make a difference what tesla earns or loses versus consensus. it's still going to outperform the market. >> the most