Tesla’s (NASDAQ:TSLA) first-quarter earnings call will be on Monday, April 26, 2021, at 2:30 pm Pacific Time or 5:30 pm Eastern Time.
Before the announcement of TSLA’s Q1 2021 earnings call date, Tesla reported that it delivered nearly 185,000 vehicles during the first quarter. The company produced a little over 180,000 cars.
Tesla beat Wall Street estimates for Q1 2021. Analysts projected that Tesla would deliver between 160,000 to 170,000 vehicles because of the global automotive microchip shortage affecting the entire industry. According to Barron’s, Tesla even beat the Street’s expectations before analysts were warned about the chip shortage.
Following Tesla’s impressive first-quarter deliveries report, Wedbush analyst Dan Ives boosted his rating from a Hold to a Buy and raised TSLA’s price target from $950 to $1,000.
“The 1Q delivery number….was a paradigm changer and shows that the pent-up demand globally for Tesla’s Model 3/Y is hitting its next stage of growth. A global green tidal wave [is] underway,” Ives wrote in a note.
Well-known TSLA bull Pierre Ferragu from New Street Research gave Tesla shares a Buy rating and set its price target to $900 before the company’s delivery report was released. Ferragu’s price target accounted for the chip shortage as well.
“Initial review suggests we missed a monster March in China with Model Y ramping faster than we expected,” he said after Tesla released its delivery results. Ferragu believes Tesla’s earnings estimate will move higher because of Model Y growth, while Model S and Model X deliveries could boost second-quarter results.
Disclaimer: I own TSLA stock.
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