Wedbush Sees 200K June Deliveries as Tesla (TSLA) 'Bull Case Bogey'

Wedbush analyst Daniel Ives weighed in on Tesla (NASDAQ: TSLA) into the highly anticipated June quarter delivery numbers, due over the next couple of days.

Ives believes 200,000 deliveries is the "bull case bogey."

"Tesla has dealt with a major chip shortage and logistics/freight issues (like other automakers) which could have translated into roughly 10k cars currently in transit globally," the analyst comments. "We also believe existing inventory was key this quarter and was tapped into as production was squeezed a bit due to supply chain issues that have plagued Tesla and the broader OEMs, although this dynamic appears to be moderating into 2H.

Model 3/Y deliveries in the ~195k range would be viewed as a positive, Ives said. This number would give Tesla the potential to hit the upper bound 900k annual deliveries despite chip and China PR issues.

Ives believes the delivery numbers "could be a paradigm and sentiment shifter for the EV space and Tesla going forward."

The analyst reiterated an Outperform rating and $1,000.00 price target on TSLA into the numbers.

For an analyst ratings summary and ratings history on Tesla click here. For more ratings news on Tesla click here.

Shares of Tesla closed at $680.76 yesterday.

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