Wedbush Sees Tesla (TSLA) Beating on Q1 Deliveries
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Wedbush analyst Daniel Ives weighed in on Tesla (NASDAQ: TSLA) ahead of the EV maker's highly anticipated 1Q delivery numbers, which are expected in a few days.
Ives sees Tesla beating consensus.
"Despite the chip shortage and some bumps in the road during the quarter, we believe Tesla should exceed the Street's 170k line in the sand for 1Q and help restore some positive momentum back to Tesla and the EV sector," the analyst commented.
The analyst also raised its delivery estimates. For 1Q21, they are raising their Model 3/Y estimate to 160K units from 132K units and slightly raising o S/X estimate to 14K units from 12.5K units. This brings total unit delivery number to 174K vs our previous estimate of 145K units. They also raised estimates for 2Q21, and expect Model 3/Y deliveries to be 166K vs. 144K and Model S/X ~14K vs. ~13K (total unit estimate is now 180K vs. 157K). They are modeling FY21 total unit annual deliveries to be 830K units versus their prior number of 774K units.
Ives reiterated a Neutral rating and $950.00 price target on Tesla.
Shares of Tesla closed at $639.09 yesterday.
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