A Wall Street analyst predicts that Tesla is likely to have increased the number of deliveries of their Model 3 vehicles in the second quarter of the year.
Second quarter forecasts for Tesla came out earlier this week and a Wall Street analyst predicts that Tesla has experienced a bullish run that will see them having delivered over 40,000 Model 3 vehicles in the second quarter. The delivery results for the second quarter are expected any day from now and Joseph Osha, an analyst at JPM Securities, says that he expects Tesla to have doubled their first quarter sales. Osha says that there is a high demand for Model 3 vehicles and Wall Street may have underestimated how much Tesla would recover in the second quarter.
Market Reaction
When Tesla fell short of their predicted first quarter delivery and earning results, the company’s stock fell by 9%. Analysts readjusted their numbers regarding their expectations of the company’s performance. One of the possible reasons for the underperformance of Tesla, as per the analysts, could lie with the demand for the Model 3 vehicles. Even Osha himself has lowered his figures as far as his expectations of the deliveries that Tesla is likely to make in the remaining quarters of this year.
After the predictions of Elon Musk’s company doubling their first quarter figures came out, Tesla’s shares surged by as much as 4% on the markets. The surge made Tesla one of the biggest gainers on the market as of early Monday. If the results come out as predicted, the company’s shares could experience a further surge through the week after the announcement of the results.
Positions Held By Analysts
The view held by Osha is a minority view among Wall Street analysts. A survey by Bloomberg revealed that, of the polled analysts, 12 says buy, 8 say hold while the majority, 17, said to sell the company’s shares. This makes Osha one of the market’s bullish analysts and he maintains that the stock will maintain a positive rating. He also says that the stock will hold onto the $347 price target. The position held by Osha implies that Tesla’s stock will rally by 55% from their closing price on Friday.
The results of the second quarter will provide an interesting view regarding the company’s potential performance in the last two quarters. Although predicted figures have been trimmed down even by Osha, a growth in second quarter figures will provide analysts with the hope that the company will meet their renewed 3rd quarter figures.
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