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Tesla (TSLA) shares up 2.49% ahead of this week’s Q3 report
Tesla (TLSA) is set post its Q3 report on Wednesday and Wedbush expects the electric vehicle manufacturer to come in with an “across the board beat”.
Tesla (TSLA) shares eased 2.49% higher on Monday after Wedbush said that the electric carmaker is on track to deliver an “across the board beat” when it discloses its Q3 earning report on Wednesday (20th October).
Analyst Dan Ives believes that Tesla’s strength in the key Chinese market and its recent all-time-high monthly deliveries bode well for its latest financial update.
Wall Street is expecting the California-based company to post another profit with $1.54 earnings per share and $13.7bn revenue after trading closes on Wednesday.
Everything is pointing to a record annual total of 900,000 vehicles in 2021, according to Ives, and he sees this figure rising sharply again to around 1.4 million next year.
While Tesla, along with other manufacturers including General Motors (GM) and Ford (F), have been hit by supply chain issues due to a shortage of semiconductor parts, the issues are not likely to have a major impact on its overall performance.
Ives noted that the “EV demand trajectory” currently appears to be “quite robust” for both Q4 and 2022, adding that while there are still Tesla “skeptics”, it is “leading the charge” in the electric vehicle space.
While electric vehicles only account for 3% of all vehicle sales at the moment, this is set to rise to 10% by the middle of the decade, which is great news for Tesla.
Ives rounded out his bullish note by reiterating an outperform rating and $1,000 price target, the latter of which is on the upside of the current trading price.
TSLA climbed 3.28% on the Nasdaq by mid-afternoon, which meant that shares were changing hands for $870.70.
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