Written by Cláudio Afonso | LinkedIn | X
Barclays analyst Dan Levy released a new research note on Tesla stock shortly after the company reported 462,890 vehicles delivered and 469,796 produced in the third quarter of the year.
As of the time of writing, Tesla shares are trading 5.70 percent lower at $243 per share.
The analyst said investors “were likely expecting a more robust beat, potentially pressuring stock” while saying the production figures are “just above consensus” of about 466,000 units.
Additionally, Levy noted there was a “slight inventory build inline with our expectations, raising total inventory to ~120k units.”
“Deliveries miss appears to have been led by Model S/X/Cybertruck weakness, will look for color during 3Q call,” Levy added.
The analyst reiterated an Equalweight rating on the stock and the $220 price target.
Tesla deliveries included 439,975 Model 3 and Model Y while its other models, including the Cybertruck, accounted for 22,915 units.
The figures represent a 6 percent growth year over year and 4 percent increase from the previous quarter but slightly miss consensus from Wall Street analysts who were expecting, on average, 463,897 vehicles delivered.
Written by Cláudio Afonso | LinkedIn | X
