• Tesla disappoints with delivery numbers
• Tesla analyst expects falling demand
• Price target lowered
The electric car pioneer Tesla again set a new delivery record in the third quarter. But market analysts and Tesla investors were disappointed because the consensus was that the company was expected to do more than the 343,830 vehicles actually handed over to customers. According to the company, the fact that Tesla was not able to meet the high expectations was due, among other things, to production interruptions in the Tesla factory in Shanghai caused by the corona lockdown and to logistics problems. As production volumes continue to increase, it becomes increasingly difficult to secure vehicle hauling capacity at a reasonable cost during peak logistics weeks, Tesla said.
Tesla bull is becoming more skeptical
Adam Jones, an analyst at Morgan Stanley and a proven Tesla bull, sees this development as reason enough to at least reconsider his optimistic attitude towards the US company. He lowered his delivery forecast for the full year from 1.37 million to 1.31 million vehicles, and the expert now expects lower output for 2023 as well.
“We believe that factors that caused Tesla production and shipments to be weaker than expected in Q3 may continue to provide headwinds in both Q4 and 2023,” a Tesla investor said on Twitter Expert Advice. “We wanted to account for a greater margin of error in the supply chain, as well as increasing pressures from currency headwinds, inflation, start-up costs and, to a lesser extent, demand destruction,” continued Jonas.
NEWS: Morgan Stanley analyst Adam Jonas lowered his price target on $TSLA to $350 (from $383) while maintaining an Overweight rating. The bull case was trimmed to $500 and bear case to $150.
FY22 delivery forecast reduced to 1.31mm vs. 1.37mm previously. pic.twitter.com/ZW6uj2Dovm
– Sawyer Merritt (@SawyerMerritt) October 10, 2022
price target lowered
The expert also raises the question of whether demand for Tesla vehicles will decrease significantly in the future. He thinks this is “very likely” and emphasized that this will probably be reflected in shorter waiting times and price drops “as even EV customers could feel the effects of inflation fatigue/buyer strikes.”
With that in mind, Jonas also adjusted his price target for Tesla from $382 to $350. In the bull case, i.e. the best possible case, the share can, in his estimation, rise to 500 US dollars, in the worst case (bear case) a crash to 150 US dollars is conceivable. The analyst had previously forecast a drop to a maximum of $167.
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