From Financial Modeling Prep: 2024-10-03 12:22:00

JPMorgan analysts raised Tesla’s price target to $130 from $115, but maintained an Underweight rating due to lower-than-expected Q3 2024 deliveries of 462,890 units. Earnings estimates were revised to $0.60 per share for Q3, with full-year 2024 and 2025 EPS forecasts adjusted to $2.25 and $2.90, respectively.

Despite the price target increase, analysts highlighted significant downside risk for Tesla, citing concerns about automotive growth stagnation. Tesla’s 2024 deliveries are projected to decline 1% year-over-year, challenging the hyper-growth narrative. Despite being the world’s most valuable automaker with a $400 billion market cap, Tesla’s earnings and cash flow are lower than Toyota’s $290 billion market cap.



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