JPMorgan not sure why Tesla shares are up after 38% EBIT miss

JPMorgan says shares of Tesla (TSLA) are “somehow” up 5% post earnings after a 38% EBIT miss on the company’s lowest margin in years. Perhaps it was management’s statement that it had identified an achievable path to becoming worth more than the world’s five most valuable companies taken together, or maybe it was management’s belief that just one of its products has by itself the potential to generate “north of $10 trillion in revenue,” the analyst tells investors in a research note. JPMorgan believes the move higher in Tesla shares “bore no relation whatsoever” to the company’s financial performance in Q4 or its outlook for growth in the coming year. Tesla shares “continue to strike us as having become completely divorced from the fundamentals,” the firm contends. It keeps an Underweight rating on Tesla with a $135 price target