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Widely followed analyst Adam Jonas took some guesses at what the big announcement from Tesla will be on Thursday afternoon.
Jonas believes it could just be a convertible bond repayment, but also said it could be an announcement of the rumored "Model Y" or the unveiling of a pickup truck. The Morgan Stanley analyst also said it could be a strategic partnership.
"The all-new midsized crossover/SUV is Tesla's chance to take the learnings from the Model S, X, and 3 in design and manufacturing to offer a product in a far larger and faster growing global segment," Jonas said Wednesday in a note, referring to the Model Y. "The key downside to providing too much information about the Model Y and its enhanced capabilities in software and hardware is that it could steal the thunder of the still-ramping Model 3 just as it's getting introduced into key international markets."
Tesla CEO Elon Musk on Wednesday changed his Twitter display name to "Elon Tusk" and promised his electric car maker would have "news" at 5 p.m. ET Thursday.
The company is due to repay a $920 million convertible bond on Friday as Tesla keeps piling up debt while ramping up production of its popular Model 3 sedan. An analyst report on Thursday said Tesla is lining up about $2 billion in loans to build its factory in Shanghai.
Jonas said Tesla "may be fundamentally overvalued," but he kept his equal-weight rating and noted that the stock is trading above his $283 target.
Shares of Tesla were up more than 1 percent on Thursday after Tesla suspended orders ahead of the announcement.
If the announcement is about a strategic partnership, Jonas said, it could "help share the burden of future expenses, improve access to capital, and potentially 'attach' Tesla's network of data capturing machines to a mega-platform/software layer."
— With reporting by Michael Bloom.