Tesla: Goldman Sachs confirms rating
(CercleFinance.com) - Tesla has announced its production and vehicle delivery figures for Q2 2020.
The group said it produced over 82,000 electric vehicles and delivered approximately 90,650 vehicles in the last quarter, including 80,050 Model 3 and Y sedans and 10,600 S and X models, i.e. 35% above expectations.
Goldman Sachs analysts report that Tesla produced 103,000 vehicles and delivered 88,000 vehicles in Q1 2020.
Following this announcement, Goldman Sachs confirms its Neutral rating on the share, with a target price of 950 dollars (Thursday's close: 1208.66 dollars).
"We had previously been expecting lower deliveries for 2Q. We now believe that Tesla had a very strong month of June in terms of deliveries," the broker says.
"Deliveries were up 2% qoq and down 5% yoy, which was well ahead of both consensus (FactSet) of 72k and GS at 64k" Goldman Sachs adds.
Tesla said that it has managed to bring production at its Fremont plant back to pre-Covid levels, "implying that quarterly global production is now in excess of 150K units".
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