Wall Street analysts and investors are eagerly awaiting Tesla’s (TSLA) third-quarter delivery numbers, expected to be released next week. Dan Ives, a tech analyst at Wedbush, predicts the company’s upcoming delivery figures will exceed market expectations.
In a research note titled “Expecting Solid Deliveries Next Week from Musk & Co…Mojo is Back at Tesla,” Ives states he expects Tesla’s third-quarter deliveries to surpass the consensus estimate of 462,000 units. He suggests that the actual numbers could be in the range of 465,000 to 470,000, based on what he calls “whisper numbers.”
Ives attributes this anticipated success to recent demand growth in China, where Tesla has seen record sales in the months leading up to September. He also points to more favorable financing terms and pent-up demand in the region, making China deliveries “the star of the show this quarter.”
Ives believes that Tesla’s recent price cuts are largely behind them, and that gross margins will begin to rebound as a result. He also highlights the upcoming Robotaxi event on October 10 as a major catalyst for Tesla. This event will feature updates on Tesla’s Full Self-Driving (FSD) technology and artificial intelligence (AI) advancements across the Tesla ecosystem.
“Overall, we see positive catalysts ahead for Tesla and a compelling risk/reward stock with ‘We, Robot’ robotaxi event coming ahead and solid delivery momentum seen this quarter,” Ives wrote.
Wedbush anticipates Tesla’s deliveries to reach 1.8 million units in fiscal year 2024. They maintain their Outperform rating and $300 price target for Tesla stock.
At the time of publication on Friday, Tesla shares were up 1.54% at $258.09, according to Benzinga Pro.
