Tesla: Deutsche Bank reduces its forecasts
(CercleFinance.com) - On Wednesday Deutsche Bank reiterated its buy recommendation on the Tesla share, with a target price of 500 dollars, while reducing some of its forecasts for the Californian group.
While the electric car maker is due to publish its Q3 delivery figures by the end of the week, the broker is a little more cautious than before in a research note.
For the past quarter, Deutsche Bank says it expects only 130,000 deliveries, down from 140,000 previously, which is also now below the current consensus of 136,000 units.
The broker fears a disappointment in the US, where the Model Y SUV is facing increased competition.
Deutsche Bank has also lowered its full-year delivery forecast by 5,000 units to 480,000 units, i.e. at the lower end of the range of the targets officially communicated by the group.
However, the broker - which upgraded its rating on the share last week - says that this should still be a new record, which it explains mainly by the success of Model Y.
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