Tesla (NASDAQ:TSLA) recently received a slightly higher price target from Piper Sandler analyst Alexander Potter. The analyst raised Tesla’s price target from $300 to $310 per share and maintained an “Overweight” rating for the electric vehicle maker.
Piper Sandler noted that its adjusted price target was partly driven by an upward revision in vehicle delivery estimates for the third quarter and full year 2024, as noted in an Investing.com report.
Piper Sandler is optimistic about Tesla’s vehicle deliveries this Q3 2024, with the firm estimating that the electric car maker will see almost 459,000 deliveries this quarter. These estimates represent a 3.3% quarter-over-quarter growth and a 5.4% year-over-year improvement.
NEWS: Piper Sandler analyst Alex Potter has raised his $TSLA price target to $310 (from $300), keeping an Overweight rating.
— Sawyer Merritt (@SawyerMerritt) September 24, 2024
The firm increased Q3 and fiscal 2024 delivery estimates for Tesla after reviewing intra-quarter sales data. Piper now models 459,000 deliveries for Q3…
The analyst noted that Tesla China seems to be on track to complete a record quarter this Q3 2024. These estimates could prove accurate, as Tesla China is seeing some momentum in the domestic auto market. As of the week ending September 22, Tesla China’s registrations are up 19.9% quarter-over-quarter and up 18.5% year-over-year.
Tesla China’s year-to-date registrations are also up 2.0% compared to the company’s 2023 registrations. This is especially impressive considering that Tesla China’s 2024 registrations have generally lagged behind its 2023 numbers for the most part of 2024.
The Piper Sandler analyst also estimated that Tesla would be able to deliver about 1.75 million vehicles year, up about 23,500 vehicles from its previous estimate.
Piper Sandler is not the only firm that has shared an optimistic outlook on Tesla’s upcoming Q3 results. Wolfe Research has estimated that Tesla may post about 460,000 vehicle deliveries in Q3 2024. Baird, on the other hand, is significantly more optimistic, with analyst Ben Kallo noting that Tesla could deliver as many as 480,000 vehicles in the third quarter.
Don’t hesitate to contact us with news tips. Just send a message to simon@teslarati.com to give us a heads up.
