1/ Adam Jonas is out with another $TSLA note this morning. It appears he may be worried a capital raise won't be possible with the stock in the 700s. His target price is... well, we'll get to that in a bit.
2/ Jonas does his favorite parlor trick again, pretending $TSLA is a tech company, imagining what its EV/EBITDA multiple will be in 2025, & then comparing it with similar projections for tech companies. 
3/ At $700/share, investors seem to be valuing $TSLA at 4 million units by 2030, says Jonas. He is so much more modest, at 2 million units. Got that? These projections are for 10 years out.
4/ No mention, of course, of how badly Jonas & fellow analysts missed in forecasting 2019 $TSLA profitability when looking only 2 or 3 years ahead. They all predicted robust 2019 profitability. Actual result: $862 million loss. (this is my chart; Adam would never use it).
5/ Adam's theory is that investors know 2019 is a disaster, but just don't care because they think it's even worse for other OEMs.
6/ The largest $TSLA investor "blind spot"? It's not failing to appreciate the risks of the global slowdown (though that is surely a blind spot). It's imaging other OEMs won't come out of this continuing to chew Tesla up with their quite competitive EVs.
7/ So, about that price target. $440. Which includes $412 for the auto biz, $28 for "Tesla Mobility," and zilch for energy or SCTY. His $TSLA bull case is $1,200 & bear case is $100. As usual, lots of wriggle room for Adam.
8/ I think the message is, "Look, Elon, if this share price action is about your bonus, I get it. But please let the price come back down as soon as possible thereafter so we can underwrite another equity raise. And do it before the Q2 cash burn & losses are in."
Oops. I meant 2020. Apologies.
