tiprankstipranks
Tesla Stock Continues Upswing After Q2 Deliveries Impress
Market News

Tesla Stock Continues Upswing After Q2 Deliveries Impress

Story Highlights

Tesla stock continues to rise following the company’s Q2 delivery numbers. Analysts, though, are divided when it comes to the EV maker.

Shares of EV maker Tesla (NASDAQ:TSLA) are continuing their upswing today after the company reported better-than-expected vehicle deliveries for the second quarter yesterday. Analysts’ views, however, are a mixed bag for Tesla.

Don't Miss our Black Friday Offers:

Tesla’s Q2 Numbers

While Tesla’s Q2 deliveries declined by 4.8% to 443,956 units, the figure still came in better than the Street’s expectations. Importantly, the company achieved these numbers despite challenges such as factory shutdowns in Europe, shipping diversions, and muted EV demand.

Here’s What Analysts Have to Say About the EV Maker

Today, J.P. Morgan’s Ryan Brinkman reiterated a Sell rating on Tesla alongside a $115 price target. The analyst noted that Tesla’s vehicle deliveries declined for a second straight quarter at a time when the global battery EV market expanded by 22%. This points to substantial market share loss for the company. While Guggenheim’s Ronald Jewsikow maintained a Sell call on Tesla, the analyst increased the price target for the stock to $134 from $126. While Jewsikow noted the positive Q2 delivery figures, he attributed the rise in Tesla’s share price to its robust energy storage deployments.

At the other end of the spectrum are Canaccord Genuity’s George Gianarikas and Wedbush’s Daniel Ives. Gianarikas maintained a Buy rating on Tesla while increasing the price target on the stock to $254 from $222. The analyst noted that sales trends in emerging markets are beginning to show an increase for Tesla. He sees better days ahead for the company thanks to anticipated new model launches next year and stabilizing margins. Meanwhile, Ives also hiked his price target for Tesla to $300 from $275 while sticking to a Buy call on the stock.

What Is the Price Prediction for Tesla Stock?

Overall, the Street has a Hold consensus rating on Tesla, alongside an average TSLA price target of $182.82. Shares of the company have now rallied by nearly 42% over the past three months.

Read full Disclosure

Related Articles
Steve AndersonUAW Makes Inroads at Ford (NYSE:F) Battery Plant
TheFlyEU new car registrations up 1.1% in October
Radhika SaraogiQQQ ETF Update, 11/21/2024 
Go Ad-Free with Our App