Investor's Corner
Tesla bulls take a stand against negative TSLA narratives in Q3’s aftermath
Tesla (NASDAQ:TSLA) bulls are taking a stand as pervading negative narratives sweep TSLA following the release of the electric car maker’s third-quarter results. Tesla hit new records in Q3, producing 96,155 vehicles and delivering around 97,000. These record numbers, which were 3,000 off a target quoted in a leaked Elon Musk email, resulted in a steep drop in TSLA and an unforgiving interpretation from the company’s ardent critics.
As the electric car maker deals with the aftermath of its record-breaking third-quarter results, a number of TSLA bulls have taken a stand with their optimistic take on the company’s Q3 figures. While these analysts admitted that Tesla was not able to meet Elon Musk’s internal 100,000 delivery goal for the third quarter, some were firm in the notion that Tesla’s 16.2% year-over-year improvement in deliveries was nothing to scoff at either.
Longtime TSLA bull and Baird analyst Ben Kallo reiterated his “Outperform” rating and $355 price target on the electric car maker following the company’s release of its Q3 2019 results. Macquarie analyst Maynard Um, another notable TSLA bull, kept his “Outperform” rating and optimistic $400 price target for Tesla as well. Commenting on Tesla’s production and delivery results, Um was direct, stating that “we are not concerned about demand.”
Canaccord Genuity also maintained its “Buy” rating on Tesla, together with its $350 price target. According to the financial firm, Tesla reported “essentially inline Q3 deliveries with record net new orders.” Canaccord added that it is “encouraged that production woes appear to have abated” for the electric car maker, as shown in Tesla’s record numbers.
Even Wedbush Securities, whose TSLA analyst Dan Ives has expressed frustration at the electric car maker in previous quarters, maintained its “Neutral” rating and $220 price target on the company. Wedbush noted that “In our opinion, this was an impressive delivery number for Tesla overall that should be viewed as a positive step in the right direction.”
Loup Ventures managing partner Gene Munster, also a longtime TSLA bull, pointed to a particularly interesting detail in the company’s Q3 report. In a blog post on Loup Ventures’ official website, Munster stated that in the third quarter, Tesla appears to have established the fact that its vehicles have a stable, organic demand among consumers.
“The optics of the announcement may have been diluted, but the substance was impressive. Tesla built and sold a record number of vehicles in Q3. Deliveries were up 16% y/y on a tough comp from Q3 of 2018 when deliveries more than doubled sequentially to 83k. In the update letter, the company said that they achieved record net orders and that nearly all of those orders came from people without previous reservations. In other words, all signs point to the fact that organic demand, which is the crux of the bull/bear debate, is intact,” he wrote.
Objectively speaking, Q3 2019 was a successful quarter for Tesla, and despite the pervading negative narrative surrounding the company, the fact remains that the electric car maker just reached record numbers once more, and it is not showing any signs of slowing down. With Gigafactory 3’s Model 3 production seemingly just around the corner, it is likely far too early or simply unwise to dismiss Tesla’s chances of meeting its self-imposed delivery goals for 2019.
Disclosure: I have no ownership in shares of TSLA and have no plans to initiate any positions within 72 hours.
Investor's Corner
Tesla’s flying Roadster just revealed something bigger than the car
Analysts say the Roadster demo puts a Tesla and SpaceX merger back on the table.
The Roadster unveiling near Waco ended Thursday night, and by Friday morning much of the investor reaction had less to do with the car than with who owns the rocket technology inside it.
Wedbush analyst Dan Ives said the event “puts the Tesla/SpaceX relationship on the table in a tangible way,” pointing to the propulsion, pressure vessel and control hardware sitting on a Tesla product. Gene Munster of Deepwater Asset Management called the demo “a ridiculous display of engineering” with “no commercial value” beyond embarrassing traditional automakers, though he said it showed Musk wants the two companies together.
The more specific forecast came a day earlier from Barclays. Analyst Dan Levy told clients a deal could be announced before Tesla’s annual meeting, which must happen by December 6, and that an announcement in late October or early November could make shareholder approval harder. Barclays expects SpaceX to be the buyer in an all stock deal, with Tesla holders receiving SpaceX shares at a premium, based on market values of roughly $2.1 trillion for SpaceX and $1.5 trillion for Tesla. If nothing lands around the meeting, the bank still sees an announcement within 6 to 12 months.
The Roadster demo just added more weight to merger speculations. Tesla’s demo used cold gas thrusters and pressure tanks of the kind SpaceX uses on Falcon 9, and Musk described the car as a collaboration between Tesla and SpaceX engineers, as we mentioned in our breakdown of the three Roadster configurations.
Musk has not publicly addressed a deal since the event, as far as we have seen. His most direct answer remains the one he gave at the All In Summit, when he said that with so much collaboration, “who can imagine what action one might take” without ruling anything out. Ives has held to a 2027 timeline since his March note, and Musk pushed back on the China piece of the speculation when ARK floated a year end announcement in August.
The next test is Tesla’s third quarter earnings call on October 21. However, we recall in July that Musk told analysts, “we can’t talk about combining companies and that kind of thing on an earnings call,” so a clear answer wouldn’t be expected.
Elon Musk
Elon Musk breaks his silence on the Starlink impact to Ukraine drones
Musk says the US military and president set Starshield limits, not SpaceX, amid Ukraine complaints.
Elon Musk says the speed limit cutting out Ukraine’s military Starlink terminals is not SpaceX’s decision. In a post on X Wednesday, Musk wrote that “Starshield systems are owned and controlled by the US government. Any limits on speed or usage are decided by the US military and ultimately POTUS.” He added that Starlink is a commercial service limited to civilian or defensive activities and “cannot be used for offensive military action, as doing so would be inappropriate for a commercial company.”
He was replying to Mykhailo Fedorov, Ukraine’s former defense minister, who had thanked Musk for restoring connectivity at speeds up to 160 km/h and said removing the Starshield limit entirely is “now critical for Ukraine’s defense.”
Starshield systems are owned and controlled by the US government. Any limits on speed or usage are decided by the US military and ultimately POTUS.
Starlink is a commercial service owned and controlled by SpaceX. Usage of Starlink is limited to civilian or defensive activities and cannot be used for offensive military action, as doing so would be inappropriate for a commercial company.
— Elon Musk (@elonmusk) October 14, 2026
The complaint started Tuesday night, when Ukrainian officials said military terminals began losing service above roughly 100 mph. Presidential adviser Serhiy Beskrestnov said the defense forces got no warning and several missions were disrupted, as Teslarati reported earlier Wednesday. The 7th Rapid Reaction Corps told Reuters connections dropped for 10 to 20 seconds at speeds well below the limit, which made drones harder to control. Poland’s foreign minister, Radoslaw Sikorski, asked Musk on X whether he is “playing politics with your products again.”
That is why the Starlink and Starshield distinction matters. SpaceX introduced Starshield in 2022 as the government version of Starlink, with an initial focus on Earth observation, communications and hosted payloads. It won a Space Force contract in 2023 with a $70 million ceiling. In December 2024, the Pentagon moved Ukraine’s terminals onto Starshield, covering about 3,000 units across two contracts. Ukraine’s military connections therefore run through a service that Musk now says sits under Washington’s control.
While Musk’s post describes who holds authority, it does not infer that anyone ordered the limit, and neither SpaceX nor the US government has confirmed who set it. Ukrainian officials have pointed to the timing, which follows President Trump’s push for an energy ceasefire and Musk’s Saturday post that “Zelensky has gone too far.” The BBC noted Trump denied threatening to restrict intelligence sharing with Kyiv, and no evidence has been presented that Washington requested the cap.
The episode also revives a promise from 2025. After Poland accused him of threatening Ukraine’s access, Musk said Starlink “will never turn off its terminals” and would not be used as a bargaining chip. Poland has since supplied more than 29,000 terminals to Ukraine. Teslarati also covered Kyiv’s search for Starlink alternatives in 2025, and the latest dispute gives that search new urgency.
Investor's Corner
Tesla opens the Q&A for its biggest earnings call yet
Tesla opens its Q3 earnings Q&A, and Cybercab, Robotaxi, Optimus and regulators loom over October 21.
Tesla has opened its shareholder question portal for the Q3 2026 earnings call, with the Say Q&A page already listing questions. Investors have until 4:00 p.m. EDT on October 20 to submit and vote on what management should answer.
The call is set for Wednesday, October 21. Tesla will post results after the market closes, with a live webcast at 4:30 p.m. CT, or 5:30 p.m. ET, through its investor relations site.
Say ranks questions by the number of shares behind the votes, which gives institutional holders extra weight over the retail crowd.
Ahead of Q2, retail investors asked why Robotaxi growth had stalled, when Cybercab would start customer rides, and where the Optimus Gen 3 ramp stood, while an institutional holder asked how Tesla and SpaceX would split Terafab duties. Cybercab has since answered one of those. Tesla said last week it has 300 plus Cybercabs serving Austin, up eightfold in 30 days, with Dallas named as the next city. The questions now are likely to move from when to how fast.
There is also a regulatory question hanging over the call. NHTSA has demanded sworn answers on how the pedal free Cybercab was certified against federal safety standards, with responses due October 30, nine days after the call. Whether an analyst raises it live is unknown, but it is the kind of exposure that tends to find its way into a Q&A.
The numbers will not be the main draw. Tesla already reported 486,532 deliveries and 13.7 GWh of storage for the quarter. Consensus sits around 43 to 45 cents per share on roughly $27.8 billion in revenue, according to Zacks, after a Q2 report that missed on EPS. Goldman Sachs, which holds a Neutral rating and a $360 target, argues the outlook for Robotaxi, FSD and Optimus will matter more to the stock than the quarter itself.
The call also lands six days after the rescheduled Roadster event, which Tesla will stream on X on Thursday, October 15, at 7:55 p.m. CT. If the Roadster shows up with a production date or a SpaceX thruster package, expect it to climb the voting list before the deadline.