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Author: Alan LittleDate: 2021-09-29

Tesla (TSLA) -2% despite Piper Sandler’s forecast for “strongest quarter ever”

Tesla (TSLA) shares traded slightly lower on Tuesday even though Piper Sandler said that the “strongest quarter ever” is in the offing for the carmaker in Q3.

Tesla (TSLA) shares dipped 2% on Tuesday despite Piper Sandler predicting the “strongest quarter ever” for the electric carmaker amid growth in deliveries and improvements to margins.

Analyst Alexander Potter was bullish in his latest coverage of the Elon Musk-helmed company as he talked up its short-term prospects.

Potter now sees Tesla delivering 894,000 vehicles for the full year, which is 48,000 higher than his previous estimate, following reports that production is currently robust and hasn’t yet been knocked off course by supply chain problems.

However, Potter believes that deliveries, which are reported on regularly, get “too much airtime” and that the bank is more focused on margins, which are likely to be “particularly strong” in Q3.

Tesla is also benefiting from growing demand for electric vehicles in a range of markets, most notably in China, where it has accounted for 12% of all sales during the last three months.

Potter said that Piper Sander has now increased its estimates for 2021, due in part to what it expects to be a record Q3.

He rounded out his research note by reiterating a $1,800 price target and overweight rating for Tesla.

Credit Suisse analyst Dan Levy was not as effusive in his praise as he continued with a comparatively more conservative neutral rating and $800 price target.

However, he did have good things to say about Tesla’s stock, which has jumped 27% since early summer.

Levy said that TSLA has been “resilient” and managed to overcome concerns about chip shortages, product delays and a car safety investigation.

Tesla traded in negative territory on Tuesday after falling 1.74% to $777.56 on the Nasdaq.

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