Tesla Q1 Earnings Fall Short

Analyst Expectations Disappoint

Tesla, the world's most valuable automaker, reported earnings after the market closed on Tuesday, missing analyst expectations.

The company reported earnings per share of 0.85, down from 1.41 in the same period last year. Revenue came in at 10.39 billion, up from 8.41 billion last year, but below the 10.61 billion analysts had predicted.

EPS and Revenue Estimates Upgraded

Despite the earnings miss, analysts remained optimistic about Tesla's long-term prospects. Several analysts upgraded their earnings and revenue estimates for the company.

For example, RBC Capital Markets analyst Joseph Spak raised his price target on Tesla from 940 to 1,100. He said that Tesla's "long-term growth story remains intact."

Goldman Sachs analyst Mark Delaney also upgraded his price target on Tesla, from 860 to 975. He said that Tesla's "margins are improving and its competitive position is strengthening."