Global Equities Research Reiterates $760 TSLA PT, Advising to Buy on Weakness as More Market Share Gains Ahead

Global Equities Research reiterated an Overweight rating and $760 price target on Tesla (NASDAQ: TSLA). The firm advised to buy on weakness as it sees further market share gains.

Global Equities Research Analyst Trip Chowdhry reiterated an Overweight rating and $760 price target on Tesla. He advised his clients to buy into the weakness now as the firm sees an increase in market share. The analyst highlighted several factors that support the thesis:

1. The firm's study showed that Tesla has sequentially increased the number of shipping trucks by at least 10%, indicating an increase in factory productivity.

2. At the same time, according to the analysis, the production of automobiles increased sequentially by 41%.

3. Production and delivery results showed that shipping capacity was not increased enough to deliver finished vehicles to customers. This resulted in over 22,000 vehicles being on the road and not arriving to customers in Q3.

4. Tesla continues to gain market share compared to manufacturers such as Honda, Toyota, and Nissan. According to Global Equities Research, Honda's market share is down ~40% YoY, Toyota is down ~9% YoY, and Nissan is down ~25% YoY.

H/t: @SawyerMerritt/Twitter

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