Rusch reiterated his 12-18 month $385 price target for Tesla shares, representing 37 percent upside to Wednesday’s close.
Previously, Tesla gave production guidance for the third quarter of 50,000 to 55,000 Model 3 cars and a gross margin of “roughly” 15 percent for the vehicle.
The analyst noted that InsideEVs estimate for second-quarter Model 3 deliveries was 18 percent below the actual number the company reported. He said if Tesla consistently produces 4,300 Model 3 cars per week, it can reach the high end of its guidance for the third quarter.
“We believe TSLA has the potential to be a transformational technology company and deliver outsized returns,” he said.
Tesla did not immediately respond to a request for comment.
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