CCORF analyst George Gianarikas maintains $Tesla (TSLA.US)$ with a buy rating, and adjusts the target price from $278 to $298.
According to TipRanks data, the analyst has a success rate of 43.8% and a total average return of 1.6% over the past year.
Furthermore, according to the comprehensive report, the opinions of $Tesla (TSLA.US)$'s main analysts recently are as follows:
Following Tesla's Q3 report, where non-GAAP EPS surpassed expectations, attributed to a comprehensive beat mainly driven by a stronger Auto gross profit and elevated regulatory credits, there has been a slight increase in EPS estimates. This adjustment is due to an improved gross margin in Q3 resulting from reduced raw material costs, the Cybertruck production increase, execution and cost reduction initiatives, and higher sales volume.
The company has showcased better gross margins in its third-quarter report and has maintained its forecast for vehicle volume growth in 2024, along with a 20%-30% increase in deliveries anticipated for 2025. The recent earnings announcement is seen as a modest positive development, reflecting unexpectedly robust margins. Nevertheless, ongoing discussions revolve around the company's ability to achieve its full self-driving performance objectives and the growth targets for vehicle deliveries in 2025, as well as the durability of these profit margins.
Expectations for Tesla's performance in 2024 have been raised to account for the company's strong third-quarter results and the projected robust conclusion to the year for its automotive and energy storage divisions. The anticipated advances with the Cybertruck, energy storage in China, and the progression of the 4680 battery technology are seen as potential enhancers of the company's profit margins through 2025. The company is also expected to extend most of its automotive cost reductions towards driving further growth.
Note:
TipRanks, an independent third party, provides analysis data from financial analysts and calculates the Average Returns and Success Rates of the analysts' recommendations. The information presented is not an investment recommendation and is intended for informational purposes only.
Success rate is the number of the analyst's successful ratings, divided by his/her total number of ratings over the past year. A successful rating is one based on if TipRanks' virtual portfolio earned a positive return from the stock. Total average return is the average rate of return that the TipRanks' virtual portfolio has earned over the past year. These portfolios are established based on the analyst's preliminary rating and are adjusted according to the changes in the rating.
TipRanks provides a ranking of each analyst up to 5 stars, which is representative of all recommendations from the analyst. An analyst's past performance is evaluated on a scale of 1 to 5 stars, with more stars indicating better performance. The star level is determined by his/her total success rate and average return.
