Tesla Bear Vs. Tesla Bull: Analysts Debate Q3 Earnings And What's Ahead For The EV Maker

Tesla Inc TSLA is trading slightly lower premarket Thursday following its third-quarter financial report. 

Tesla reported quarterly earnings of $1.86 per share, which beat the estimate of $1.57 per share. The company reported quarterly revenue of $13.76 billion, which beat the estimate of $13.62 billion.

GLJ Research's Gordon Johnson and Loup Funds' Gene Munster shared differing opinions on Tesla's financial results Thursday on CNBC's "Squawk Box."

Related Link: Tesla Q3 Earnings Recap: Revenue Up 57% To $13.8B, Model Y Production On Track, Still Holding Bitcoin

Tesla Bear Takeaway: According to Johnson, Tesla's revenue numbers came in below expectations. 

"We don't think their numbers were good," Johnson said, citing whisper numbers that were above what Tesla reported. 

Although some believe the numbers look good amid the chip shortage, "they are sourcing chips that other automakers aren't willing to source. We believe they are sourcing non-automotive grade chips," the GLJ Research analyst alleged. 

Furthermore, Tesla's unit growth is not "anywhere near sufficient to match their valuation," he said. The company's unit growth is actually slowing significantly and Tesla is losing market share, Johnson said.

To justify its valuation, Tesla needs to scale up to millions of cars sold by introducing more new factories, but as the company ramps up its new factories, margins are going to fall, he said: "We don't think they're Amazon, we think they're AOL."

Tesla Bull Takeaway: Tesla said it was uncertain about margins, not that they are going to fall, Munster responded. Over the longer term, Tesla pointed to having "considerable upside to current margins," according to Munster.

Current margins are about 28%, but Munster expects that they can reach the 40% level. 

He acknowledged the current numbers don't justify an $850-billion market cap, "but ultimately I think they will grow into this valuation," he said.

Tesla was able to beat estimates because of its focus on pricing, Munster said: "They are trying to ride that appropriate curve around prices that drive demand."

As long as Tesla continues to make cars that people want and the market shifts to EVs, Tesla will grow and become a much bigger company, Munster told CNBC. 

TSLA Price Action: Tesla has traded as high as $900.40 and as low as $379.11 over a 52-week period.

The stock was down 1.2% premarket at $855.44.

Photo: courtesy of Tesla.