Piper Sandler analyst Alexander Potter reiterated an Overweight rating and $310.00 price target on Tesla (NASDAQ: TSLA).

The analyst commented, "TSLA will be reporting 3Q24 results on Wednesday, and as usual, we are fielding lots of questions about automotive gross margin. This topic seems especially consequential lately, because the recent robo-taxi unveiling failed to prompt upward estimate revisions. The stock has fallen by ~15% since peaking prior to the event, and the likelihood of additional downside will depend, in our view, largely on gross margin. We expect gross margin to rise vs. last quarter, but if we’re wrong, the next several months could be choppy at best."

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Shares of Tesla closed at $220.70 yesterday.