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Tesla Stock Price Soars Above $600 Mark After Earnings Beat

Tesla stock

Tesla (NASDAQ: TSLA) stock price crossed the psychological $600 level for the first time in history. TSLA share price bounced more than 13% after a fourth-quarter beat, extending the six months rally to 140 per cent. The company also announced a ramp-up of its Model Y production in the following quarters.

The potential improvement in production and deliveries is among the biggest catalyst for TSLA share price in the analyst’s view.  The EV maker is well set to hit 1 million overall delivery vehicle mark in the next couple of years, according to Wedbush analyst Dan Ives.

TSLA Tesla, Inc. daily Stock Chart

Fourth Quarter Beat Extended Tesla Stock Bull Run

The EV maker reported fourth-quarter revenue of $7.32bn, beating the consensus estimate by $300ml. The company also reported positive earnings for the second quarter in a row. Its Q4 earnings came in at $2.14 per share, up $0.38 per share from the consensus estimate.

The company highlighted several milestones in earnings call that they had achieved in fiscal 2019. For instance, they pointed Tesla’s turn to profitability in the second half along with a full-year free cash flow generation of $1bn. The cash and cash equivalents stood around $6.3bn by the end of the fourth quarter.

Tesla Stock Price Soars...

Deliveries Could Double in the Following Years

Tesla stock is also receiving support from its improving production potential. The EV maker is expecting to reach a combined Model 3 and Model Y capacity of 500,000 units this year. It is planning to start the delivery of Model Y vehicles by the end of this quarter.

Tesla Stock Price Soars...

Wedbush analyst raised the Tesla stock price target to $900, citing massive production growth in the coming years.

We believe hitting the important 500k delivery threshold for FY20 is well within reach as now based on our Chinese demand scenario analysis that Tesla has the potential to hit the elusive 1 million overall delivery vehicle mark potentially two years ahead of our original 2024 projections given this current trajectory aiming now at 2022,” Wedbush analyst Dan Ives said.

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Based in Saudi Arabia, Siraj has a strong understanding of and passion for accounting and finance. He has worked for international clients for many years on several projects related to the stock market, equity research and other business, accounting and finance related projects. Siraj is a published financial analyst on the world's leading websites including SeekingAlpha, TheStreet, MSN, and others.