Tesla Q2 Earnings Estimates Raised by J.P. Morgan

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After delivering a record-breaking 201,250 vehicles in this year’s second quarter, Tesla (TSLA) was acknowledged as underweight by J.P. Morgan, which bumped up the company’s production forecast.

J.P. Morgan raised its Tesla delivery forecast from 815,000 to 820,000, following reports of Tesla’s first time breaking 200,000 in a single quarter in this year’s Q2, according to The Street.

The deliveries, also outperforming the firm’s 196,690 estimate, prompted analyst Ryan Brinkman to raise his earnings-per-share estimate from $0.86 to $0.91.

In a note explaining the impetus for the forecast increase, Brinkman wrote, “We are raising our [earnings] estimates slightly to account for Q2 global deliveries of 201,250.” Brinkman continued, saying the deliveries were “approximately in line with consensus of 200,879, but a bit more than the 196,690 we were looking for.”

J.P. Morgan also revised its 2021 earnings per share estimate from $4.10 to $4.20, which compares more closely with the analyst consensus of $4.43.

Last month, Managing Director of Rockefeller Capital Management’s Vios Advisors Michael Bapis recommended investors buy stock in Tesla (TSLA) “any time [they] get the chance to buy it.”

In January, Tesla (TSLA) touched an all-time high of $900.40 per share, before closing later that day at $880.

At the time of writing, Tesla’s (TSLA) shares were trading at $646.37, down 2 percent from yesterday’s close.

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