Barclays sees Tesla Q3 deliveries topping consensus estimate

Barclays expects Tesla to report Q3 deliveries of 470,000 units, up 8% year-over-year and above the consensus estimate of 461,000. A deliveries beat could drive continued stock strength and be a reminder of “dissipated concerns on fundamentals,” the analyst tells investors in a research note. The firm believes Q3 volume strength will be driven almost entirely by China as Europe is weak. Given the positive data points reported thus far in the quarter, particularly in China, Tesla’s sales trajectory is well understood and investors are expecting a stronger result, contends Barclays. It has an Equal Weight rating on Tesla with a $220 price target.