Global Equities Research reiterated its Overweight rating and set a price target of $350.00 for Tesla (NASDAQ:TSLA). The analysts expect a robust fourth-quarter performance from the electric vehicle manufacturer, citing several factors.

The analysts noted that the Fremont Factory’s shutdown in the third quarter of 2023 was shorter than expected, lasting only 4 days instead of the previously anticipated 3 weeks mentioned during the Q2/23 Earnings Call by Elon Musk. Tesla is steadily increasing its market share, particularly against competitors like Honda and Toyota, and the analysts anticipate this trend will continue to strengthen.

The analysts believe that Tesla is on track to dominate 90% of the electric vehicle (EV) market. They highlighted the importance of having Giga-Scale facilities, in which Tesla excels with its Giga Factories.

Demand for Tesla’s Model S is exceptionally high, with particular popularity among families with children. The analysts predict that the third quarter of 2023 will see record-breaking sales of the Model S Plaid, especially models with an MSRP exceeding $90,000.

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