Baird Sees Potential Upside to Tesla's (TSLA) Q3 Sales Data; Affirms at 'Outperform'
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Baird affirms Tesla Motors (Nasdaq: TSLA) at Outperform with a price target of $338 ahead of expected Q3 sales data, which is expected out this weekend or early next week.
Analyst Ben Kallo commented today,
We expect TSLA will release Q3 delivery numbers early next week and believe there is upside potential for the stock as delivery expectations are low. Additionally, we believe shorts may return to TSLA after the delivery announcement as the SCTY acquisition progresses. We believe several catalysts could drive shares higher as we approach year-end, including more details about the Model 3, gigafactory ramp, and energy storage contract wins.
Although TSLA did not release specific quarterly guidance, our recent conversations have indicated a delivery number >20k vehicles would be viewed as positive. We estimate TSLA will have 12,000 Model S deliveries and 9,000 Model X deliveries, and the company has guided to a 50,000 deliveries in 2H:16.
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Related EntitiesRobert W Baird, Tesla, Definitive Agreement, Ben Kallo, Model 3
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