"A rally that began in early summer has finally pushed the stock into the green on the year with an 17.71% gain. Still, since hitting its all-time high on Dec. 17, 2024, the stock has fallen nearly 7%. When the company reported in July, it announced that in Q2, revenues were down 12% year over year (YoY), EPS was down 23% YoY, operating income was down 42% YoY and vehicle deliveries fell to 384,122 - down 14% YoY."
"Canaccord recently raised its price target for Tesla to $490 from $333 while keeping a its "Buy" rating. Data from 30 counties show Tesla's deliveries are rising, causing Canaccord to increase delivery estimates, the analyst tells investors in a research note. After several quarters of weakening momentum, Tesla's deliveries are seeing a positive break in trend. The firm expects Tesla to announce new EV models soon, which should help its global sales momentum. The new models will help alleviate any post-Q3 "cliff" in the U.S. after electric vehicle tax credits go away, Canaccord believes."
Shares of Tesla rose modestly in recent trading and moved into positive territory year-to-date with a 17.71% gain. The stock remains roughly 7% below its December 17, 2024 all-time high. Tesla reported Q2 results showing revenue down 12% YoY, EPS down 23% YoY, operating income down 42% YoY, and vehicle deliveries of 384,122, down 14% YoY. The India launch in mid-July produced only about 600 orders. Canaccord raised its price target to $490 from $333 and cited rising deliveries across 30 counties and expected new EV models to support global sales momentum. Multiple other firms raised targets while UBS kept a Sell rating.
Read at 24/7 Wall St.
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