Jefferies analyst Philippe Houchois reiterated a Buy rating and $1,400 Price Target on Tesla following strong delivery numbers. The analyst commented, “Tesla ended 2021 on a high, with deliveries of 308,600 vehicles in Q4, up 28%/71% vs Q3/year ago and beating consensus/JEFe by 16%/12%. Q4 took FY deliveries to 936k, +87% YoY.
With only 11.750 units delivered and 13,109 produced, S/X remained light due to capacity constraints. However, Models 3/Y over-compensated +134% yoy and annualizing Q4 production yields active capacity of 1.17m, o/w an estimated 650k in Shanghai.
Deliveries exceeded production for the second quarter running, supporting FY FCF. The volume beat supports upgrades to 2021 EBIT consensus $5.9bn (JEFe $6.4bn) and to 2022E volume consensus of 1.3-1.4 million units even factoring a slow ramp up in Berlin and Austin.”
The manufacturer delivered just shy of 309,000 new vehicles between October and November, about 43,000 more than Wall Street analysts had predicted.
Tesla produced about 30% more cars than it did in the preceding quarter, between July and September, which had been the company’s best on record. It was also 71% more than in the same period of 2020.
Tesla shares are trading +10 higher this early morning following above expectations results and many Price Target upgrades from the Analysts.
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