Tesla (TSLA) stock is higher by more than 9% in Tuesday's session after the electric vehicle (EV) maker disclosed its quarterly deliveries data.
In the second quarter of 2024, Tesla said it delivered 443,956 vehicles. While this was a 4.8% decrease from the 466,140 vehicles it delivered in the year-ago period, it was 14.8% more than the 386,810 vehicles it reported in Q1 2024.
What's more, the second-quarter deliveries topped analysts' expectations. According to CNBC, Wall Street expected Tesla to deliver 439,000 vehicles over the three-month period.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Tesla also said that its total vehicle production in the second quarter of 2024 was 410,831 vehicles. This was 14.3% lower than the 479,700 vehicles it produced in the year-ago period, and was also 5.2% below what it produced in Q1 of this year.
Is Tesla stock a buy, sell or hold?
Tesla has been the worst-performing Magnificent 7 stock so far in 2024, falling more than 7% for the year to date. It's also woefully lagged the S&P 500, which is up roughly 15%. However, the stock has rallied of late, gaining nearly 60% since its first-quarter earnings release on April 23.
Despite the consumer discretionary stock's recent run higher, Wall Street remains on the sidelines. According to S&P Global Market Intelligence, the average analyst target price for TSLA stock is $183.03, which is a discount of about 20% to current levels. Additionally, the consensus recommendation is a Hold.
Wells Fargo is one of the more bearish research firms, with a Sell rating and $120 price target, according to CNBC.
In a report released Monday, Wells Fargo analyst Colin Langan said his firm sees "declining delivery growth driven by lower demand and diminished return on price cuts," adding that there is a "likelihood of more price cuts and lower volumes" throughout the rest of 2024.
Wells Fargo's $120 price target represents a discount of about 48% to current levels.
Related Content
-
The Best Covered-Call ETFs to BuyCovered-call ETFs can provide consistent, above-average income generation, but they can also cap potential upside. Here's what to look for.
-
Texas Property Tax Relief in 2025? What to KnowProperty Tax Texas residents could get major relief from property taxes this year. Here's a breakdown of the tax cuts.
-
The Best Covered-Call ETFs to Buy
Covered-call ETFs can provide consistent, above-average income generation, but they can also cap potential upside. Here's what to look for.
-
Wealth Advisers: In Estate Planning, the End Is Just the BeginningWe need to keep the lines of communication with our clients open so that we can anticipate and help them navigate issues that arise over time.
-
Stood Up by a Radio Show: But Was It a Breach of Contract?A conscientious financial planner reschedules his clients after being invited onto a talk show and ends up losing one of them at a cost of $5,000. What does the radio show owe him, if anything?
-
Stock Market Today: Stocks Stable as Inflation, Tariff Fears EbbConstructive trade war talks and improving consumer expectations are a healthy combination for financial markets.
-
Eight Estate Planning Steps to Protect Your Loved Ones (and Your Legacy)Two-thirds of Americans don't have an estate plan. If you're one of them, these are the essential steps to take now to prevent problems for your family later.
-
The Six Pros This Adviser Says You Need to Sell Your BusinessSelling your business isn't as simple as getting the best price and walking away. These are the six professionals you'll need to get a deal across the finish line.
-
The Three C's to Financial Success: A Financial Planner's Guide to Build WealthConsistency, commitment and confidence in your chosen strategy are more critical to your financial success than finding the 'perfect' financial plan.
-
A Financial Adviser's Guide to Solving Your Retirement Puzzle: Five Key PiecesIf retirement's a puzzle you're struggling with, try answering these five questions. The answers will guide you toward a solution.
