Jefferies Analyst Philippe Houchois reiterated a Buy rating and $1,400 price target on TESLA following strong delivery numbers.

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.

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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.

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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.

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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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