Summary
- Tesla’s price target was raised by Piper Sandler analyst Alexander Potter to $310 per share
- The increase in price target was driven by higher vehicle delivery estimates for Q3 and full year 2024
- Tesla is estimated to deliver 459,000 vehicles in Q3 2024, representing a growth from the previous quarter and year
- Tesla China is on track for a record quarter in Q3 2024, with registration numbers showing growth
- Piper Sandler predicts Tesla will deliver about 1.75 million vehicles year and other firms also have an optimistic outlook for Q3 deliveries
Article
Piper Sandler analyst Alexander Potter recently raised Tesla’s price target from $300 to $310 per share and maintained an “Overweight” rating for the company. The adjustment was driven by an upward revision in vehicle delivery estimates for the third quarter and full year 2024. Piper Sandler is optimistic about Tesla’s Q3 2024 vehicle deliveries, estimating almost 459,000 deliveries for the quarter, representing a 3.3% quarter-over-quarter growth and a 5.4% year-over-year improvement.
The analyst noted that Tesla China is on track to complete a record quarter in Q3 2024, with registrations up 19.9% quarter-over-quarter and 18.5% year-over-year as of September 22. Year-to-date registrations in China are up 2.0% compared to 2023 registrations, despite lagging behind in the first half of 2024. Piper Sandler also estimated that Tesla would be able to deliver about 1.75 million vehicles for the year, an increase from its previous estimate by 23,500 vehicles.
Other firms, such as Wolfe Research and Baird, have also shared an optimistic outlook on Tesla’s upcoming Q3 results. Wolfe Research estimated that Tesla may deliver around 460,000 vehicles in the third quarter, while Baird analyst Ben Kallo believes Tesla could deliver as many as 480,000 vehicles. This positive sentiment from analysts suggests confidence in Tesla’s performance and growth potential in the electric vehicle market.
Overall, the raised price target and optimistic delivery estimates for Tesla reflect a positive outlook on the company’s performance in Q3 2024. The increased focus on electric vehicles and sustainable energy solutions has contributed to Tesla’s success and continued growth in the market. The support from analysts and market experts further solidifies Tesla’s position as a leader in the electric vehicle industry and highlights the company’s potential for continued success in the future.
Tesla’s strong performance in vehicle deliveries in Q3 2024, particularly in China, is a testament to the company’s ability to adapt and thrive in various markets. The growth in registrations and delivery estimates indicate strong demand for Tesla vehicles and positive reception in key markets. The optimistic forecasts from analysts demonstrate confidence in Tesla’s ability to continue expanding its market share and lead the shift towards sustainable transportation solutions.
As Tesla continues to innovate and expand its product offerings, the company’s positive momentum in Q3 2024 reflects a promising future for the electric vehicle maker. With continued support from analysts and market experts, Tesla is well-positioned to capitalize on the growing demand for electric vehicles and sustainable energy solutions. The raised price target and increased delivery estimates highlight the potential for Tesla to maintain its leadership position in the electric vehicle market and drive further growth in the coming years.
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