It’s June 30, marking an end to both a turbulent month and quarter, especially for auto manufacturers who will be reporting their vehicle delivery numbers soon. Daniel Ives, Managing Director and Senior Equity Research Analyst of Wedbush Securities shared his views via tweets on popular electric vehicle (EV) maker Tesla’s (TSLA) June deliveries.
As per Ives, Tesla might be able to report around 250,000 deliveries globally, while any figure above 260,000 will be welcomed enthusiastically by the Street. Moreover, Ives noted that contributions from Tesla’s Model Y and Model 3 in the range of 240k/245k will be well appreciated by the Street.
The five-star analyst further stated that the analysts are now more focused on the deliveries for the second half of 2022 which are expected to grow by 40%-50% over the first half sans any further COVID-19-related lockdowns in China.
Notably, the 2023 numbers will be viewed as a “more normalized environment to gauge the overall health of Tesla’s delivery trajectory and top-line/EPS,” Ives stated.
Ives remains firmly bullish on TSLA stock with a Buy rating and $1,000 price target, which implies 45.9% upside potential to current levels.
Similarly, Ross Gerber, co-founder and CEO of GK ETF, and a Tesla fanatic, also stressed the importance of focusing on Tesla’s future delivery numbers since the June quarter is done and dusted.
“Tesla delivery estimates are all over the map. Frankly, this quarter doesn’t matter, it’s over and the next 12 months of tesla delivery numbers will far eclipse any previous records,” Gerber noted.
Meanwhile, TSLA stock plunged in the extended trading session yesterday after Citigroup analyst Itay Michaeli reiterated a Sell rating on Tesla stock ahead of the Q2 delivery update. Michaeli has a price target of $375 which implies 45.3% downside potential to current levels. The stock is trading down 2.2% in the pre-market trading at the time of writing.
Overall, TSLA stock has a Moderate Buy consensus rating based on 16 Buys, eight Holds, and six Sells. The average Tesla price target of $899.86 implies 31.3% upside potential to current levels
