[ad_1]
Tesla, Inc. (NASDAQ: TSLA) on Saturday reported record quarterly deliveries despite surrounding turmoil. A Wedbush Securities analyst considers the performance “massive”.
Tesla analyst: Daniel Ives maintained an outperformance rating and a price target of $ 1,000 for Tesla shares.
Tesla’s thesis: Tesla’s third-quarter deliveries of 241,000 even exceeded the number of whispering bulls on the street, analyst Ives said in a note. The strength, the analyst said, was driven by robust Model 3 / Y sales of 232,000.
Total production for the quarter was 238,000, about 10,000 ahead of Wedbush and Street estimates, the analyst said.
“Taking a step back, with the chip shortage a major overhang in the automotive space and logistics issues globally, these delivery figures were ‘eye-catching’ and speak of an EV demand trajectory that looks quite robust. for Tesla before Q4 and 2022, ”Ives wrote in the note.
Related Link: Electric Vehicle Week Review: Tesla Launches Wider FSD Beta Rollout, Chinese Trio Delivers, Ford Doubles Electric Vehicle Investments, Lordstown’s Cautious Strategy
Wedbush’s estimate of 150,000 shipments for September, the analyst said, is a clear indicator of the green tidal wave that is setting in for Tesla across the board. Chinese demand may have rebounded in the quarter and will be the focus of concerns for bulls digesting the results, he added.
“In a nutshell, these numbers are hard to crack and will be a major feather for the bulls on Monday morning and should improve the broader sentiment on the EV space as a whole,” Wedbush said.
Tesla Price Action: Tesla shares closed Friday’s session down 0.03% at $ 775.22 and was down 0.03% in after-hours trading.
Related Link: What This Analyst Likes About XPeng and Nio Third Quarter Shipment Updates
[ad_2]
Source link