Tesla Q1 2024 Delivery Forecast Lowered by RBC Capital on Registration and App Data

RBC Capital's Tom Narayan reiterated their Buy rating on Tesla (NASDAQ: TSLA). The analyst also maintained a $298 price target.

In a preview of Tesla's Q1 2024 delivery report, Narayan offered insights into the company's performance. Narayan stated that data from registrations and app downloads led RBC Capital to reduce its Q1 delivery forecast from 500,000 to 446,000 units. This represents a decrease of 10.7% from the previous projection and is 3.3% below the consensus among analysts. The updated forecast indicates a slight setback for Tesla in terms of unit deliveries.

Itay Michaeli, an analyst at Citigroup, also provided an update on TSLA on March 27, 2024. Michaeli lowered their price target by 12.5%, from $224 to $196, while maintaining their Hold rating on the stock. This adjustment suggests a less optimistic outlook for TSLA's future stock performance.

Currently, 66.7% of top-rated analysts rate TSLA as a Strong Buy or Buy, while 33.3% see it as a Hold. Interestingly, no analysts recommend or strongly recommend selling the stock. This overall positive sentiment among analysts indicates confidence in Tesla's potential.

Looking ahead, the consensus forecast among analysts is that Tesla will deliver earnings per share (EPS) of $5.43 in the upcoming year. If these predictions hold true, TSLA's next yearly EPS will experience a 14.8% increase on a year-over-year basis. These projections suggest a positive trajectory for Tesla's financial performance.

In terms of stock performance, TSLA has experienced a decline since its last quarterly report on December 31, 2023. The stock price is down 27.6% during this period. Furthermore, on a year-over-year basis, the stock is down 6.2%. These numbers indicate that Tesla has not been able to outperform the broader market, as the S&P 500 has experienced a 32% decline during the same timeframe.

It is worth noting that Tom Narayan, the RBC Capital analyst, is ranked in the bottom 14% out of 4,527 Wall Street analysts by WallStreetZen. Narayan's average return stands at -2% with a win rate of 32.5%. However, it is important to consider that analysts' rankings can vary based on their specialization and the sectors they cover. Narayan specializes in the Consumer Cyclical and Financial Services sectors.

Tesla, Inc., the subject of these analyst ratings, is a company that designs, develops, manufactures, leases, and sells electric vehicles and energy generation and storage systems. The company operates in two segments: Automotive and Energy Generation and Storage. The Automotive segment focuses on electric vehicle manufacturing, sales, and after-sales services, while the Energy Generation and Storage segment specializes in solar energy generation and energy storage products.

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