Tesla Gets ‘Overweight’ Rating, $1,200 Price Target from Piper Sandler

Following Tesla’s Q2 earnings call last week, a number of Wall Street analysts released notes reacting to the call with one particular firm keeping to its price target and rating, while slightly boosting its model for the company’s shares.

Piper Sandler reiterated an overweight rating on Tesla (TSLA) shares on Wednesday, keeping a $1,200 price target on the stock, according to @Sawyer Merritt. The firm’s Alex Potter cut delivery estimates to 846,000 units in 2021 due to lower Q2 deliveries, with the figure gradually rising to over 9 million through 2030.

Potter, cited “encouraging results” from Tesla’s Q2 and included expectations that Tesla’s share in the overall market will continue to rise – despite a more bearish expectation that the stock will “almost certainly fall” once competition finally ramps up over the next several years.

NEWS: Piper Sandler today reiterated an Overweight rating & $1200 price target on $TSLA following Tesla’s earnings release last week where it reported record margins while decreasing production costs. The “encouraging results” have prompted Piper Sandler to update the TSLA model. pic.twitter.com/TNQrWgDXQf

— Sawyer Merritt (@SawyerMerritt) August 3, 2021

With Tesla’s Gigafactory Texas nearly finished, and the upcoming Gigafactory Berlin following just behind, the company is expected to significantly increase its production volume over the next few years – even as it has done so since the completion of its Gigafactory Shanghai.

Tesla is also readying for its August 19 AI Day by sending out invites, and the company is expected to unveil new information about its neural network training supercomputer and future AI capabilities for the company – termed internally “Project Dojo” at Tesla.