Tesla: shares surge ahead of quarterly numbers
(CercleFinance.com) - Tesla shares surged on Tuesday ahead of the Californian electric car maker's quarterly delivery numbers, despite some analysts expecting "bad news," given the Covid-19 pandemic.
Shares of the Palo Alto-based company jumped 4.3%, largely outperforming a 0.4% drop in the Nasdaq.
Later this week Tesla will be delivering its keenly awaited first-quarter production and delivery numbers.
Analysts at Wedbush Securities said that investors are eager to learn to what degree the coronavirus pandemic has hit the company, especially in the all-important China region.
"We believe Tesla, like every other auto manufacturer, is seeing demand softness globally over the last month as consumers remain in a virtual lockdown," the US broker said.
Wedbush, which has a "neutral" rating on Tesla, with a target price of 425 dollars, expects Tesla to report total first-quarter deliveries of 82,000 vehicles, up 30% year-on-year.
Meanwhile, Credit Suisse - which has an "underperform" rating on the share with a target price of 415 dollars - said there is a downside potential in the 75,000-80,000 range, slightly below the "whispered" consensus of about 80,000 units.
Last week, New Street Research upgraded the stock to "buy", sticking to its 800-dollar target price, saying that Tesla is one of the top 5 names it would recommend buying in the sell-off.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
Shares of the Palo Alto-based company jumped 4.3%, largely outperforming a 0.4% drop in the Nasdaq.
Later this week Tesla will be delivering its keenly awaited first-quarter production and delivery numbers.
Analysts at Wedbush Securities said that investors are eager to learn to what degree the coronavirus pandemic has hit the company, especially in the all-important China region.
"We believe Tesla, like every other auto manufacturer, is seeing demand softness globally over the last month as consumers remain in a virtual lockdown," the US broker said.
Wedbush, which has a "neutral" rating on Tesla, with a target price of 425 dollars, expects Tesla to report total first-quarter deliveries of 82,000 vehicles, up 30% year-on-year.
Meanwhile, Credit Suisse - which has an "underperform" rating on the share with a target price of 415 dollars - said there is a downside potential in the 75,000-80,000 range, slightly below the "whispered" consensus of about 80,000 units.
Last week, New Street Research upgraded the stock to "buy", sticking to its 800-dollar target price, saying that Tesla is one of the top 5 names it would recommend buying in the sell-off.
Copyright (c) 2020 CercleFinance.com. All rights reserved.