Wall Street analysts continue to hike their price targets on Tesla (NASDAQ:TSLA) following the EV giant's better-than-expected June delivery report and as the stock continues to power higher. In the last 24 hours, two more analysts hiked their price targets.
On Sunday, Tesla announced that in the second quarter, they produced nearly 480,000 vehicles and delivered over 466,000 vehicles. This beat the consensus of 448,350 deliveries.
Mizuho analysts' price target goes from $230 up to $300 on the Buy-rated stock after they raised estimates for the June quarter and the year. The analysts are raising June quarter revenue estimates from $23.1 billion to $23.9 billion and EPS from $0.83 to $0.86, which compared to the consensus of $24.5B and $0.82, respectively. They are raising FY 2023 revenue estimates from $95.7B to $96.5B and EPS from $3.52 to $3.55, versus the consensus of $100B and $3.47.
The Mizuho analysts continue to see Tesla as the global EV leader for the next decade as the Berlin/Texas gigafactories ramp and amid the $7,500 tax credit tailwinds.
Meanwhile, CFRA analysts lift their price target from $300 to $310. They raised their adjusted EPS estimates by $0.05 to $3.95 for 2023, while keeping 2024 and 2025 unchanged. They also have a Buy rating on the stock.
"TSLA's recent price cuts appear to have been effective in boosting demand, as quarterly deliveries topped its prior record high by over 10%," the CFRA analysts commented. "While the release was positive, we view a lot of good news as discounted at current price levels (TSLA is +113% YTD), noting that we lowered our rating one notch to Buy in June. Still, with Austin and Berlin continuing to ramp up, first deliveries of the Cybertruck expected by year-end, a forthcoming factory in Mexico, and lower-priced coupe that will believe will be introduced in 2024, we think Tesla remains one of the market's most compelling growth stories."