CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:
We maintain a 12-month price target of $300, on a 2025 P/E of 48x, justified by long-term growth expectations. Our estimates are unchanged. On Tuesday, TSLA reported Q4 deliveries of 484,507 vehicles, slightly ahead of the 480,483 consensus and our estimate of 479,000. Production totaled 494,989 vehicles. For the full year, vehicle deliveries grew 38% Y/Y to 1.81M units, while production rose 35% to 1.85M, meeting company guidance. TSLA will report Q4 earnings the afternoon of January 24, and we expect the focus of the release to be on any guidance related to 2024. We view the upcoming release as positive and remain bullish on TSLA even after the stock’s stellar performance in 2023, expecting the company to benefit from declining unit costs (particularly plummeting battery costs) and introduce its long-promised mass market EV model later this year. We also see TSLA benefiting from increasing distress among upstart EV companies and traditional automakers pulling back somewhat on their prior EV growth plans.