Wells Fargo analyst Colin Langan notes that Tesla Q2 adjusted EPS of 91c beat consensus. Better other income offset EV credits, auto gross margins and opex. The firm also highlights that auto gross margin ex credits were 18.1%, below VA consensus of 18.5%, and that the company reiterated 50% long-term delivery guidance. Wells expects the stock to trade up slightly. The firm has an Equal Weight on the shares with a price target of $265.
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