'Mojo Is Back At Tesla' Says Tech Analyst Dan Ives Ahead Of Q3 Deliveries
Wedbush analyst Dan Ives predicts Tesla's Q3 delivery figures will exceed expectations, estimating between 465,000 to 470,000 units, surpassing the consensus of 462,000. He cites strong demand growth in China and favorable financing terms as key factors. Ives believes Tesla's price cuts are largely behind them, with gross margins set to improve. He highlights the upcoming Robotaxi event on October 10 as a significant catalyst for the company. Wedbush maintains an Outperform rating and a positive outlook for Tesla's deliveries, projecting 1.8 million for fiscal year 2024.
Wall Street analysts and investors eagerly await Tesla, Inc.'sTSLA third-quarter delivery numbers expected next week. Wedbush tech analyst Dan Ives said Friday he expects the company's upcoming delivery figures to beat the Street's expectations.
The Details:
In a note titled "Expecting Solid Deliveries Next Week from Musk & Co…Mojo is Back at Tesla," Ives said he expects Tesla's third-quarter deliveries to come in above the 462,000 consensus estimate with "whisper numbers" in a range of 465,000 to 470,000.
Ives highlighted recent demand growth in China, with a few record months leading up to the fourth week in September. He also noted more favorable financing terms and pent-up demand in the region, leading to China deliveries being "the star of the show this quarter."
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The Wedbush analyst said he believes Tesla's price cuts are "mostly in the rearview mirror," and gross margins will start to rebound as a result. Ives pointed tothe upcomingRobotaxi event on Oct. 10 as a major catalyst, with updates around Tesla's FSD (Full Self-Driving) technology and AI 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.
The research firm anticipates Tesla's deliveries to hit 1.8 million in fiscal year 2024. Wedbush maintained its Outperform rating and $300 price target on Tesla stock.
TSLA Price Action: According to Benzinga Pro, Tesla shares are up 1.54% at $258.09 at the time of publication Friday.
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