Tesla Shares Surge 6.9% on Strong Second-Quarter Deliveries and Production Numbers

Stock Market Update; April 24th

Tesla Inc Stock Forecast:

According to a stock forecast by 40 analysts, the average target price for Tesla Inc over the next 12 months is USD 237.67. The average analyst rating for Tesla Inc is “Hold.” Stock Target Advisor‘s own analysis of Tesla Inc indicates a slightly bullish outlook, based on 10 positive signals and 5 negative signals. At the most recent closing, Tesla Inc’s stock price was USD 279.82. Over the past week, the stock price has increased by +16.08%, over the past month by +30.78%, and over the last year by +23.13%.

Analysts Coverage Change:

  • Goldman Sachs & Co. maintains a “Neutral” rating for Tesla and raises the target to $275 from $248.
  • Deutsche Bank  maintains a “Buy” rating for Tesla (TSLA:NSD) and raises the target to $270 from $260.

Tesla Inc. News:

In a significant boost for Tesla, the company’s shares jumped 6.9% on Monday following the release of its second-quarter delivery and production figures, surpassing analysts’ expectations. The automaker reported delivering 466,140 vehicles for the period ending June 30, 2023, surpassing estimates by over 20,000 cars.

Tesla’s delivery numbers have always been closely watched by analysts and shareholders as a key indicator of the company’s performance. The latest figures indicate that Tesla has managed to exceed expectations and achieve robust growth, signaling a potential turnaround for the electric vehicle (EV) manufacturer.

Analysts had anticipated 445,925 deliveries for the second quarter of 2023, making Tesla’s actual numbers even more impressive. This outperformance can be attributed to various factors, including the incentives and discounts offered to buyers during the first half of the year. Additionally, the availability of a $7,500 federal tax credit under the Inflation Reduction Act in the United States likely contributed to the increased demand for Tesla vehicles.

The strong delivery and production numbers demonstrate Tesla’s ability to meet the growing demand for its EVs, despite facing several challenges in recent years. This achievement is especially significant considering the company’s disappointing performance in 2022, which saw its stock prices plummeting to historic lows. Tesla shares are now up 127% year to date, reflecting a remarkable recovery from the setbacks of the previous year.

 

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