Tesla Share Target Raised in Anticipation of Second-Quarter Deliveries

Elon Musk

Tesla, the electric car maker (NASDAQ:TSLA), is about to release its delivery numbers for the second quarter. One expert on Wall Street still believes in the company’s future, even though it has recently faced problems and the market has been shaky.

Tesla stock has gone down a lot this year, losing more than $230 billion in value. However, investors are still excited about the upcoming Cybertruck and the long-awaited robotaxi, which is supposed to come out later this summer.

Tesla used to set high goals for how many cars it would sell each year, but now it is focusing more on driverless technology, which shows that its plans for the future are changing.

Tesla is facing problems in important markets like China and Europe, where sales of electric cars have gone down in recent months, because demand for electric cars is going down around the world and there is more competition.

Tesla’s CEO, Elon Musk, has said that the company might come out with a new line of cars later this year or early in 2025. However, the company’s profit margins could suffer if it keeps relying on its current factories, which could make it hard to introduce cheaper electric cars.

George Gianarikas, a stock expert at Canaccord Genuity, is still optimistic about Tesla’s long-term growth. He raised the company’s price target to $267 per share. Gianarikas thinks that Tesla will deliver 429,000 cars in the second quarter, which is a little less than what was expected before but still shows that they are growing compared to last year.

Even though Canaccord has lowered its forecast for the number of cars Tesla will deliver this year to 1.86 million, Gianarikas is still positive because Musk is optimistic and the company might come out with new models in late 2024.

Even though Tesla shares are down slightly in premarket trading, Gianarikas’ new price target shows that he believes the company can handle its problems and take advantage of new opportunities in the electric car market.