Tesla Stock Price Target Might Clear $220 If Deliveries Number Surprise
On Tuesday (02 Jul 2024), $Tesla Motors(TSLA)$ will be reporting its second-quarter global vehicle deliveries. Analysts are expecting the figure to come in below the current consensus.
This might be already anticipated with EV demand has slowed in 2024 and AI hype has dominate the market, so we have some market watchers who are more focused on Tesla's Q2 energy storage numbers. Tesla stock price was up more than 6% on Monday (01 July).
Deliveries Estimates Is Down 6.5% Compared to Same Period Last Year
The global second-quarter Tesla deliveries is predicted to come in at total 436,000 vehicles. But by the end of May, there has been a drop of 3% to 448,000 deliveries.
The current estimate would be down 6.5% compared to last year's 466,140 deliveries. But it would be a 13% increase compared to Q1.
In this article I would like to share on the price target that analyst are looking and how I would look at the stock price move during the last deliveries and how this deliveries report would have Tesla moving.
Analyst Price Target On Tesla Pretty Off.
Based on 34 Wall Street analysts offering 12 month price targets for Tesla in the last 3 months. The average price target is $182.10 with a high forecast of $310.00 and a low forecast of $22.86. The average price target represents a -13.23% change from the last price of $209.86.
This is pretty off in terms of the stock price for Tesla, as I would think that Tesla could stay above $190 for some time, at least before its next earnings report.
Tesla Next Price Target To Clear If Deliveries Surprise Is $223.18
If we look at how Tesla stock price move after its previous deliveries report, there is actually sideway trading from 02 April for at least 5 trading session before we saw a dip.
Since market understand that EV demand has slowed in 2024, so second quarter might not be much different, but a small improvement in the number of deliveries could allow Tesla to go higher towards $223 range.
If the deliveries is the same or dip, then we might see Tesla trading sideways before experiencing a dip.
Summary
From how we see Tesla stock price movement is like after its quarterly deliveries report, there is a chance that we could experience Tesla trading sideway before experiencing a dip.
Some small improvement could allow Tesla to have a nice move up.
Appreciate if you could share your thoughts in the comment section whether you think Tesla deliveries number could surprise?
@TigerStars @Daily_Discussion @Tiger_Earnings @TigerWire appreciate if you could feature this article so that fellow tiger would benefit from my investing and trading thoughts.
Disclaimer: The analysis and result presented does not recommend or suggest any investing in the said stock. This is purely for Analysis.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
I am inclined to follow Wells Fargo’s 120. Tesla will likely come doen to this before the year is over before recovering.
Tesla clear 220 in premarket..