Tesla (NASDAQ:TSLA) bulls and bears are digging their heels following the EV maker’s release of its blockbuster Q4 and FY 2021 vehicle production and delivery report. With Tesla completing a challenging 2021 with over 936,000 vehicle deliveries — over 300,000 of which were delivered in the fourth quarter — it appears that the company is set for even greater heights.
Tesla bulls would definitely agree. Wedbush Securities analyst Dan Ives called Tesla’s Q4 numbers a “trophy case” quarter. In a tweet, Ives highlighted that Tesla’s vehicle production and delivery targets were far more impressive than Wall Street’s consensus.
Fellow Tesla bull Pierre Ferragu from New Street Research focused on the company’s full-year results, which were also far above Wall Street’s estimates. Ferragu noted that the 1 million per year mark may not be too far away, as the company is already at a run-rate of over 1.2 million vehicles per year today. These numbers were accomplished with only two working factories, one of which was only partly optimized due to the challenges related to the release and ramp of the new Model S and Model X.
Interestingly enough, Tesla bears seem to be standing by their conservative estimates. JP Morgan analyst Ryan Brinkman, for one, raised his TSLA price target from $250 to $295 following the EV maker’s blockbuster Q4 and FY 2021 results, but he also made it a point to maintain his “Underweight” rating on Tesla. In a note published on Monday, Brinkman argued that Tesla only achieved about a tenth of the sales volume of Toyota, which is the market leader in the auto segment.
Bernstein’s Toni Sacconaghi was quite on the same boat, noting that while Tesla’s Q4 and FY 2021 results are impressive, especially amidst the ongoing supply chain challenges, the fact that Tesla has a $1 million valuation per car sold over the year is a bit too optimistic. He posted a price target of $300 per share for Tesla stock, noting that while he acknowledges Tesla’s success, he continues to struggle to justify the company’s valuation.
As of writing, Tesla stock is trading up 6.67% at $1,127.15 per share.
Watch Tesla bull Gene Munster of Loup Ventures share some of his insights following the company’s Q4 and FY 2021 vehicle production and delivery report in the video below.
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