Tesla price target raised to $156 from $153 at Guggenheim

Guggenheim raised the firm’s price target on Tesla (TSLA) to $156 from $153 and keeps a Sell rating on the shares after the company reported Q3 margins meaningfully better than consensus, guided to implied Q4 volumes of about 515,000, versus the Street about about 495,000, and guided to 2025 sales volume growth of 20%-30%. While the firm says it “struggles with this figure” for sales volume growth given limited details around new models and Cybertruck growth becoming harder to underwrite, it acknowledges that Street estimates “will likely move higher on this guidance.”