Following impressive delivery results in 1Q2021 and ahead of the financial Tesla release, Mizuho Securities analyst Vijay Rakesh raised the target price for Tesla (NASDAQ: TSLA) to $820 from $775 and retained a Buy rating.
The analyst wrote that the key to Q1 2021 results is deliveries, which increased by 109% compared to the same period last year. He justified this by saying that Model 3 and Model Y experienced strong growth rates, which will lead to further strong results throughout 2021. As such, Q1 figures could raise the 2021 shipment/delivery outlook.
"We continue to see a vertically-integrated TSLA and NIO well- positioned in a secular EV market as legacy OEMs struggle to balance portfolios between legacy combustion engine and EVs. Reiterating our Buy on both TSLA / NIO; raising TSLA estimates and PT to $ 820 (prior $ 775) with stronger MarQ deliveries."
Mizuho Securities raised Q1 Rev/EPS from $10.0B/$0.69 to $10.7B/$0.72 with better topline partially offset by lower mix of Model S/X deliveries, F21E Rev/EPS from $48.5B/$4.02 to $50.4B/$4.40, F22E from $64.5B/$6.03 to $66.2B/$6.39, and F23E from $80.5B/$8.29 to $81.6B/$8.54.
H/T @SawyerMerritt/Twitter
© 2021, Eva Fox. All rights reserved.
_____________________________
We appreciate your readership! Please share your thoughts in the comment section below.
Legal Disclaimer --
This article is for informational purposes only. You should not construe any such information or other material as an investment, financial, or other advice. Nothing contained in this article constitutes a solicitation, recommendation, endorsement, or offer by Eva Fox, Tesmanian, or any third party service provider to buy or sell any securities or other financial instruments in this or in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction.
Eva Fox holds zero shares of Tesla, Inc., and currently (at the time of this article's publishing) holds zero options or securities in Tesla Inc. and/or its affiliates.
About the Author
Eva Fox
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.
