🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Tesla share maintains price target ahead of Q2 deliveries

EditorNatashya Angelica
Published 26/06/2024, 17:18
© Reuters.
TSLA
-

On Wednesday, Baird affirmed its positive stance on Tesla shares (NASDAQ:TSLA), maintaining an Outperform rating and a price target of $280.00. The firm anticipates Tesla to release its second-quarter delivery figures on July 2, projecting that these numbers might fall short of the current consensus estimates.

Despite the expected lower delivery numbers, investor discussions and recent news suggest a pivot in focus towards long-term prospects, particularly with the upcoming Robotaxi event scheduled for August 8th.

The Baird analyst pointed out that while the Q2 delivery data remains significant, the intensity of interest in these near-term figures has somewhat diminished compared to the first quarter. The firm encourages buying Tesla shares following the Q2 delivery report, emphasizing the company's status as a fundamental investment.

Tesla's anticipated Q2 delivery announcement comes at a time when investor attention is reportedly shifting towards the company's future developments. The Robotaxi unveiling event, which is expected to be a major milestone, is drawing significant interest as it could have long-term implications for Tesla's business model and the broader automotive industry.

The focus on the Robotaxi initiative reflects a broader trend in the electric vehicle sector, where companies are not only evaluated on immediate production and delivery metrics but also on their potential to innovate and lead in future mobility solutions. As such, events like the Robotaxi unveiling are closely watched by investors seeking to gauge a company's trajectory and technological edge.

In conclusion, Baird's stance on Tesla remains unchanged with a strong Outperform rating, signaling confidence in the company's long-term value despite potential short-term fluctuations in delivery numbers. The anticipation surrounding Tesla's future initiatives, particularly the Robotaxi service, appears to be a key factor in maintaining investor interest and the firm's positive outlook on the stock.

In other recent news, Tesla Inc. is seeking to overturn a pay ruling concerning CEO Elon Musk's $56 billion compensation package, hinging on a recent shareholder vote. Meanwhile, RBC Capital has lowered Tesla's price target from $293 to $227, maintaining an Outperform rating but reassessing the company's potential in the robotaxi market.

On the international front, the Canadian government is considering imposing import tariffs on Chinese-made electric vehicles, following similar moves by the U.S. and the European Commission. The latter is set to enforce provisional duties on Chinese EVs, with rates between 17.4% and 38.1%, effective after July 4.

Chinese automaker BYD (SZ:002594) and Vietnam's VinFast (NASDAQ:VFS) are leading a surge in the Southeast Asia EV market, with sales more than doubling in the first quarter of 2024 compared to the same period last year. These developments are part of recent news affecting the global electric vehicle industry.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.