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Author: Alan LittleDate: 2020-12-31

Tesla (TSLA) on track to hit 500,000 delivery goal, shares up 2%

Analysts at Wedbush and Credit Suisse said that Tesla (TSLA) should achieve its 500,000 vehicle delivery target for 2020 in an optimistic assessment of its Q4 performance.

Tesla (TSLA) shares climbed 2% on Wednesday after analysts said that the electric car manufacturer is on track to achieve its 500,000 vehicle delivery target for 2020.

Wedbush’s Daniel Ives said in a note that a “late push in Europe” and strength in the company’s Chinese supply line could see it potentially hit up to 200,000 deliveries in Q4.

Tesla needs to deliver 180,000 units for the final three months of the calendar year to reach its internal target of half a million vehicles.

Ives is impressed by Tesla’s ability to scale to that number after stating that it was “not even on the map” for Wall Street earlier in the year.

The bullish forecast was echoed by Credit Suisse analyst Dan Levy, who expects Tesla to get through 183,000 deliveries in Q4, which is 20,000 above his sell-side consensus (163,000).

That would just be enough to surpass the delivery target, but only by 2,000 vehicles for the year.

Levy said that Tesla needs a record December to achieve this, but that it is eminently possible due to its “typical quarter-end wave”.

Levy currently carries a neutral rating for TSLA, along with a $400 price target.

Ives also stood pat on his neutral rating and higher $715 PT for Tesla.

Analysts are mixed on Tesla overall as the consensus is at hold with eight buy, 13 hold and 11 sell ratings.

Shares of the Elon Musk-helmed company eased 1% higher in premarket trading on Wednesday.

The trend continued after the Nasdaq opened with TSLA up 2.23% at $680.87 by midday ET.

Tesla has enjoyed a remarkable year on the stock market, soaring 696% for 2020 through to Tuesday’s close.

Sources:

 

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