Written by Cláudio Afonso | LinkedIn | X
Goldman Sachs analyst Mark Delaney raised the price target on Tesla shares to $248 from $175, while maintaining a Neutral rating on the stock. On Tuesday, the stock closed 3.71 percent higher at $262.33 per share.
In a new research note, the firm increased its 2024 earnings per share (EPS) estimate to $2.05 from $1.90 citing higher deliveries and an increased market multiple while shareholders are “likely to be more forward looking” on Tesla’s full self-driving (FSD) potential.
Despite the positive long-term outlook, driven by Tesla’s position in the electric vehicle (EV) and clean energy sectors, Goldman Sachs foresees weaker market conditions potentially impacting earnings in the near to intermediate term.
The firm considers Tesla’s current valuation to be fully priced, the analyst informed investors.
Tesla’s Model Y has become the best-selling new energy vehicle (NEV) in China for the first half of the year.
The SUV, which was the best-selling car globally last year, saw its sales in China rise from 203,900 units in the first half of 2023 to 207,817 units this year.
The model has been included in the latest Chinese Government’s procurement list for electric vehicles. This inclusion was part of the newly published “Framework Agreement Procurement of EVs for Jiangsu Province Government for 2024-2025,” marking the first time Tesla has been featured in a government procurement catalog in China.
Written by Cláudio Afonso | LinkedIn | X
