Summary
- Tesla’s big week includes a quarterly delivery report and a Robotaxi unveiling event
- Wedbush believes these events will set the tone for Tesla moving forward
- A delivery beat for Q3 and a successful Robotaxi event could help Tesla end the year with more growth
- Wedbush has high expectations for the Robotaxi unveiling event and believes it will be a historic day for Tesla
- Despite potential disappointment from the event, some shareholders are likely to remain entrenched in their outlook on the company
Article
Wedbush has stated that Tesla’s “big week,” which includes a quarterly delivery report and a Robotaxi unveiling event, has major implications for the company moving forward. The firm believes that if Tesla can come through on both fronts, it will help get the automaker back on track with its big picture story. Despite lackluster stock performance in 2024, with Tesla only up 2.36 percent for the year, a delivery beat for Q3 and a successful Robotaxi event could lead to more growth by the end of the year.
Dan Ives of Wedbush provided insight into the delivery picture, stating that Tesla is expected to see a solid rebound in Q3 as demand stabilizes and China continues to drive growth. The firm also has high expectations for the Robotaxi unveiling event, which is set to take place on October 10th. Wedbush believes this event will mark a new chapter of growth for Tesla, particularly in the areas of autonomous technology, full self-driving capabilities, and artificial intelligence. The firm considers Tesla to be one of the most undervalued AI names in the market.
While there is significant hype surrounding the Robotaxi event, Wedbush acknowledges that a lackluster showing could potentially be damaging to the Tesla story. The firm emphasizes the importance of Tesla updating investors on Cybercab scaling, cost per mile, a rideshare app, and a demonstration of capabilities during the event. These factors are seen as non-negotiables for a successful unveiling. Despite concerns about potential disappointment, some shareholders are said to be entrenched in their outlook on the company, and a flat Robotaxi event may not have a significant impact on their views.
Wedbush views the Robotaxi event as crucial to Tesla’s overall story as a company, considering it a significant step in the company’s transformation since the Model 3/Y production overhaul. The firm maintains its ‘Outperform’ rating and a $300 price target for Tesla. The upcoming event is expected to address near-term pain points for investors and highlight the company’s long-term vision. Overall, Wedbush is optimistic about Tesla’s prospects following the delivery report and Robotaxi unveiling event, believing that they have the potential to set the tone for future growth.
As Tesla prepares for its big week, investors and analysts are eagerly anticipating the outcomes of the Q3 delivery report and the Robotaxi unveiling event. The events are seen as critical milestones in Tesla’s journey, with the potential to drive significant growth and change the narrative around the company. Despite concerns about potential disappointments at the Robotaxi event, Wedbush remains optimistic about Tesla’s future prospects and believes that the upcoming events could help get the automaker back on track with its big picture story. Investors and enthusiasts alike will be closely watching to see how Tesla performs during its pivotal week.
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