let's bring in tesla analyst garrett nelson. rrett, that what's your biggest takeaway from tesla's report? [no audio] don't know whether you heard me there. garrett nelson, what's your biggest takeaway from tesla's report or? if we have an audio problem, do we not? he froze. the video and the audio froze. there you go. all right. let's tell you what else is coming up a little later. coming up, black lives matter is not happy with the democrats' choice of harris as their nominee. blm calls democrats the party of hypocrites. joy reid says if black people don't back harris, they're going to look crazy. roll tape. >> you're going to look real crazy being on the other side of that line, particularly as a person of color. but really as a anyone who claims to have any connection to the culture. stuart: florida congressman byron donald takes that to -- donalds takes that to pieces. he's next. ♪ so don't ask me no questions, and i won't tell you no lies ♪ ♪ so don't ask me about my business, and i won't tell you good-bye ♪ (husband) we ju

let's bring in garrett nelson. good morning, great to have you here.u think in what you saw and heard from the call and the report. did it chamg your price rating or target on tesla? >> no question it was a disappointing earnings release. they missed by 10 cents. this is the fourth straight quarter that they've missed. you know, in the aftermath of the earnings release, we've downgraded the stock from a buy the a hold. our 12-month price target is now $240. the stock was up almost 70% in april. you know, in light of that and also what we think is a lack of near-term catalyst here with robo taxi day having been delayed a couple of months until october, there's really not much in the way of near-term developments, we don't think, in the story. so we felt it was appropriate to move to a hold, and we will revisit that rating in october. >> we're going to get to the road ahead for tesla in just a minute i use that pun one more time. our data team working overtime. i want to show you the chart. the slide we've seen in gross auto margin, how concerning is tha

joining us now is garrett nelson, cfra senior equity research analyst.. >> sure, thanks for having me. you know, while everyone was focused on the auto delivery numbers they put out yesterday, the much bigger story was on the energy storage side. they just reported energy storage deployments of 9,400 megawatt hours in the second quarter. that was more than double the record high from -- that they reported in q1 and so while that segment is still a small percentage of the story, it was only 8% of total revenue in q1. the growth that they have been talking about for a long time is really starting to show up in the numbers. so i think that's a big reason why you see -- why you saw the move in the stock yesterday, and then another move up here premarket in the shares. >> so you're at 250. how much of that is based on actual sales. how much of that is based on this being a robo taxi company in several years from now, if you believe that's going to be in the cards? >> sure. the basis of the price target is 65 times our 2025 earnings estimate. but, of course, i

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