Piper Sandler's analyst, Alexander Potter, raised Tesla's price target from $300 to $310, citing increased vehicle delivery estimates in a positive market outlook for Q3 2024.
Increased Q3 estimates show that Tesla is on track for about 459,000 deliveries, reflecting a 3.3% quarter-over-quarter growth and 5.4% year-over-year growth.
The analyst pointed out that Tesla China is achieving significant momentum, with registrations increasing 19.9% quarter-over-quarter, suggesting a record quarter ahead.
With a revised estimate of approximately 1.75 million vehicle deliveries for the year, Piper Sandler's optimistic view aligns with broader analyst sentiment regarding Tesla's performance.
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