UPDATE: Tesla (TSLA) PT Raised to $755 at RBC Capital After Beating Consensus Deliveries by Nearly 10%

RBC Capital analyst Joseph Spak raised the price target on Tesla (NASDAQ: TSLA) to $755.00 (from $745.00) after the company reported 3Q21 deliveries of ~241.3k (+20% q/q, +73% y/y), surpassing the 222.0k company-collected consensus.

The analyst reiterated a Sector Perform rating, stating "This represented a new quarterly record, increasing substantially from 2Q21 (previous record) driven by benefits from the ongoing MIC M3 and MIC Model Y ramp amid a very difficult supply environment and a sequential rebound in S/X deliveries from a particularly low 2Q21. Model 3/Y deliveries of ~232.0k (+87% y/y, +16% q/q). Model S/X deliveries of ~9.28k (-39% y/y, +391% q/q) better than 2Q21's depressed levels. Production, which we believe was again an increased focus this quarter given ongoing (and worsening) semi (and other components) shortages, came in at ~237.8k (8.94k S/X, 228.9k 3/Y). This represented a +15% q/q increase, aided by ramping S/X production, but 3/Y standalone also up +12% q/q, a positive in our view and driven (we believe) by increasing Model Y output in Shanghai."

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