Tesla Q4 deliveries missed consensus by about 3%, says Morgan Stanley

Morgan Stanley notes that in order to reach Tesla’s (TSLA) “slight growth” target for FY24, the company needed to deliver at least 514,900 units in Q4, which it missed as the 495,600 units delivered represents about a 3% miss compared to consensus expectations for 510,000 vehicles delivered. The miss reflects a relatively aged product and increased availability of lower priced competition globally ahead of the “hyped” introduction of the cheaper new model Juniper in early/mid-2025, contends the analyst, who also notes positives from the Q4 update, including a material beat in ESS deployment and a six to seven day reduction in days’ supply of inventory. Morgan Stanley has an Overweight rating and $400 price target on Tesla shares.