Key Takeaways
- Tesla shares popped nearly 5% Monday as analysts highlighted several potential positive catalysts for the stock.
- Barclays analysts said Tesla could outperform delivery estimates for the third quarter, driven by strength in China.
- Goldman Sachs and Bank of America analysts also pointed to Tesla’s opportunity to impress investors at its robotaxi event next month.
Tesla (TSLA) shares hit the accelerator Monday as analysts highlighted several potential catalysts that could provide a boost for the electric vehicle (EV) manufacturer.
In a note to clients Monday, Barclays analysts said Tesla could exceed expectations with its third-quarter vehicle deliveries. Analysts at Goldman Sachs and Bank of America also suggested Tesla could impress investors with its robotaxi event next month.
Barclays Says Tesla’s Deliveries Could Exceed Estimates
Barclays projected Tesla’s EV deliveries could reach 470,000 units in the third quarter, which would top consensus estimates of around 461,000 vehicles and represent an 8% increase from the year-ago period.
The Barclays team based its outlook on data points from China, citing an improving macroeconomic environment and an increase in EV demand.
The analysts also suggested Tesla could benefit from pricing initiatives and incentives in China as it aims to compete with local EV manufacturers there, as well as the anticipated launch of full self-driving (FSD) technology.
Robotaxi Seen as Another Catalyst
Goldman Sachs analysts on Monday reportedly pointed to Tesla’s robotaxi event on Oct. 10 as a potential catalyst for the EV maker’s stock. The analysts said Tesla could also unveil a lower-cost vehicle at the event.
Bank of America analysts cited the robotaxi event as a potential catalyst for Tesla stock as well, noting Friday it could help investors understand more about FSD capabilities, as well as the potential structure of the robotaxi business. However, the analysts said they believe Tesla is unlikely to initiate its robotaxi service until 2025 or later.
Tesla shares finished nearly 5% Monday at $250, notching the top performance of any stock in the S&P 500.