Tesla (TSLA) PT Raised to $820 at Mizuho Securities; 'Good MarQ Deliveries Setup for Stronger 2021'

April 19, 2021 5:01 PM EDT
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(Updated - April 19, 2021 5:04 PM EDT)

Mizuho Securities analyst Vijay Rakesh raised the price target on Tesla (NASDAQ: TSLA) to $820.00 (from $775.00) while maintaining a Buy rating after raising estimates ahead of March quarter results on April 26.

The analyst commented, "We believe key to MarQ results are 1) Deliveries; both TSLA and NIO have reported upside to MarQ deliveries, with TSLA deliveries up 109% y/y on strong Model 3/Y ramps. NIO deliveries were up 423% y/y as it ramped its ES8 and EC6 SUVs, and both could remain strong through 2021E. 2) Increases to the 2021 outlook; We believe Q1 results could position both to raise the 2021 shipment/delivery outlook, 3) For Tesla, we believe a weaker product mix with 3/Y, the Fremont facility shutdown, and model changeovers could be a GM headwind that may reverse in the JunQ.

"We continue to see a vertically-integrated TSLA and NIO well-positioned in a secular EV market as legacy OEMs struggle to balance portfolios between legacy combustion engine and EVs. Reiterating our Buy on both TSLA/NIO; raising TSLA estimates and PT to $820 (prior $775) with stronger MarQ deliveries."

For Tesla, the firm raised MarQ Rev/EPS from $10.0B/$0.69 to $10.7B/$0.72 with better topline partially offset by lower mix of Model S/X deliveries, F21E Rev/EPS from $48.5B/$4.02 to $50.4B/$4.40, F22E from $64.5B/$6.03 to $66.2B/$6.39, and F23E from $80.5B/$8.29 to $81.6B/$8.54.

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