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Following CEO Elon Musk’s email comment that “Tesla is facing the most intense delivery week ever,” one expert has raised the company’s 2021 and third-quarter delivery estimates for the company.
Piper Sandler analyst Alexander Potter said in a research note on Tuesday that Q3 will be Tesla’s “strongest quarter ever,” according to The Street. Potter reiterated his overweight rating of the company, boosting his 2021 estimates and keeping to a price target of $1,800 USD for the company.
According to Potter, Tesla will deliver 894,000 vehicles in 2021, with the number increased from his previous estimate of 846,000 units. In addition, he estimates around 23,000 third-quarter deliveries, citing “reports of strong production.”
2021 Tesla Shareholder Meeting Moves to Texas Gigafactory Virtual Event https://t.co/Kg8UwC3MKH
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In the research note, Potter wrote, “Q3 will be TSLA’s strongest quarter ever, and we are increasing our 2021 estimates accordingly.” Potter continued, “People often focus on deliveries, but this metric probably gets too much airtime. We are more interested in margins, which we think could be particularly strong in Q3.”
Tesla’s stock has had somewhat of a rocky year, though it has recovered much of that ground since June of this year – showing a three-month growth of 14.35 percent.
At the time of writing, Tesla’s shares (TSLA) are trading at $777.50 USD (-1.75 percent), down $13.81 from market open on Tuesday. The company’s shares did touch $795 earlier this morning.
