Canaccord sees Tesla topping expectations for profit, deliveries

Investing.com -- Canaccord Genuity analysts are optimistic about Tesla (NASDAQ:TSLA )'s upcoming 3Q24 results, predicting the electric vehicle giant will exceed market expectations for both profit and deliveries.

The firm revised its delivery and earnings estimates based on its analysis of global data, spanning around 40 countries.

"Our enhanced database now covers delivery data for ~40 countries on a monthly basis," Canaccord noted, highlighting their improved tracking system for Tesla deliveries.

They said that despite the challenging global automotive environment, Tesla's performance has remained strong.

Canaccord's updated estimates project Tesla's 3Q24 deliveries at 469.2k vehicles, compared to the consensus estimate of 458k. While this is slightly lower from the previous estimate of 480k, it still signals solid growth.

The firm noted that "September is typically the highest sales month in the quarter," which they accounted for in their revisions.

The firm also maintains a positive outlook for the rest of the year, projecting total 2024 deliveries of approximately 1.85 million vehicles, a 2.4% year-over-year increase, above the FactSet consensus of 1.78 million.

In terms of profitability, Canaccord has adjusted its 3Q24 non-GAAP EPS estimate from $0.98 to $0.75, still significantly ahead of the $0.61 consensus.

This revision takes into account Tesla's aggressive pricing strategies aimed at boosting demand in key markets. The analysts cited strong sales momentum in China and attractive financing options globally as key drivers for the positive outlook.

Looking ahead, Canaccord maintains its 4Q24 delivery estimate of 552k vehicles, implying a substantial 17.7% quarter-over-quarter increase. They base this on Tesla's historical patterns, noting the company has averaged a 20.4% quarter-over-quarter gain between 3Q and 4Q since 2019.

Source: Investing.com

Останні публікації
Oklo target nearly doubled at Wedbush on AI-driven demand for nuclear energy
24.01.2025 - 18:00
Crypto markets lose steam after Trump's first policy move
24.01.2025 - 18:00
Combination of Google's TPU-DeepMind units may be worth $700 bn - DA Davidson
24.01.2025 - 18:00
British American Tobacco, Altria shares rise after menthol ban proposal dropped
24.01.2025 - 18:00
Morocco stocks higher at close of trade; Moroccan All Shares up 0.34%
24.01.2025 - 18:00
Commerzbank says no talks with UniCredit until specific proposal made
24.01.2025 - 18:00
Venture Global aims for $64 billion valuation at debut in test for energy IPOs
24.01.2025 - 18:00
Intuitive Machines stock surges on NASA contract award
24.01.2025 - 18:00
International Paper's $7.2 billion acquisition of DS Smith gets EU approval
24.01.2025 - 18:00
Short-term stock optimism soars among retail investors, AAII survey shows
24.01.2025 - 18:00
Venture Global shares likely to open up to 6% above IPO price
24.01.2025 - 18:00
Intuitive Surgical, American Express Stir Friday's Market Cap Stock Movers
24.01.2025 - 18:00
BMW joins Chinese EV makers in filing EU court challenge to tariffs
24.01.2025 - 18:00
Turkey stocks lower at close of trade; BIST 100 down 0.08%
24.01.2025 - 18:00
Diageo stock jumps on possible Guinness sale
24.01.2025 - 18:00

© Analytic DC. All Rights Reserved.

new
Аналіз ринку Як вплине завтра звіт NFP на курс долара США?