Tom Narayan of RBC believes Tesla will exceed Wall Street's Q3 delivery estimates, projecting 460,000 total vehicle deliveries, indicating investor safety amidst an industry downturn.
'This Stellantis profit warning comes on the back of three other profit warnings from European automakers in just the past couple of weeks. So I do think a lot of folks are looking for safety. Tesla interestingly seems to be that place where they can get that,' Narayan stated, highlighting growing investor confidence in Tesla amidst industry concerns.
RBC's Tom Narayan pointed out, 'We also see it in relative basis, which I think is how most auto investors look at [it]...versus what's happening in the rest of the industry,' demonstrating the contrasting performance of Tesla against declining market trends in the automotive sector.
With a $224 price target and a BUY rating, Narayan emphasizes Tesla as a reliable investment option in light of the struggles faced by legacy automakers like Stellantis.
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