According to a note released by Narayan, they have raised their Tesla deliveries estimate for Q3 2023 from 454,000 vehicles to 462,000. Narayan expects Tesla to report quarterly delivery and production data "early next week," and the basis for their revision was "registration data and app downloads."
This positive outlook from Narayan comes as 63.6% of top-rated analysts currently rate TSLA as a Strong Buy or Buy, with 36.4% considering it a Hold. Interestingly, no analysts recommend or strongly recommend selling the stock.
The consensus forecast among analysts is that TSLA's upcoming year will deliver earnings per share (EPS) of $4.57. If the analysts are correct, TSLA's next yearly EPS will be up by 17.8% on a year-over-year basis.
However, it's worth noting that TSLA's stock price has experienced a decline since its last quarterly report on June 30, 2023. The stock is down by 6.7% in that period and down by 11.6% on a year-over-year basis. Comparatively, TSLA is trailing behind the S&P 500, which is down 16.9%.
It's important to consider the track record of the analyst providing the rating. RBC Capital analyst Tom Narayan is ranked in the bottom 25% out of 4,337 Wall Street analysts, with an average return of -0.9% and a 38.1% win rate. Narayan specializes in the Consumer Cyclical and Financial Services sectors.
Tesla, Inc., the company being analyzed, designs, develops, manufactures, leases, and sells electric vehicles, as well as energy generation and storage systems. They operate in two segments: Automotive and Energy Generation and Storage. The Automotive segment offers electric vehicles and sells automotive regulatory credits. Additionally, they provide after-sales vehicle services, used vehicles, retail merchandise, and vehicle insurance services. Tesla's Energy Generation and Storage segment is involved in the design, manufacture, installation, sale, and leasing of solar energy generation and energy storage products.
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