Tesla Q3 profit beat now on the table – Wedbush

(Seeking Alpha) – Wedbush Securities thinks the Tesla (NASDAQ:TSLA) deliveries report sets it up for more good news ahead.

“Overall we would characterize these delivery numbers as DeChambeau-like strength from Tesla as the company hit the high end of bullish whisper expectations for the quarter,” notes analyst Dan Ives (assuming basic knowledge of PGA golf superstars).

“We believe China was a major source of strength this quarter and a 139k number should translate into a nice EPS upside vs the Street for 3Q with the profitability trajectory on an upward path moving forward.”

Ives also says that Tesla is in prime position to hit the general area code of 500K units for the year which seemed unachievable last spring when the Fremont factory was shut down due to COVID.

Wedbush has a Neutral rating on Tesla and base case price target of $475. The bull case PT is $700. The average Wall Street price target is $334.79.

TSLA -4.39% premarket to $428.50 on a weak overall day for the market following President Trump’s announcement of a positive COVID test.

Share: