TD Cowen Updates Tesla Q2 Delivery Estimates

TD Cowen analyst Itay Michaeli reiterated a ‘Buy’ rating and $330.00 price target on Tesla.

“Updating Q2 Delivery Estimates

Ahead of Tesla’s Q2 vehicle delivery release next week, we’re updating our Q2 delivery estimate to 362k from 400k.

By region, we’ve reduced our China and US delivery estimates, with a partial offset from ROW and Europe largely unchanged.

As we recently noted, datapoints have pointed to a softer Q2 delivery outcome than originally expected, albeit still above Q1 levels (337k).

If there’s any “good news” in an otherwise soft H1, it’s that US data has pointed more to Tesla suffering from demand deferral than demand destruction.

On lower deliveries, we reduce our Q2E EPS to $0.33 from $0.37, with out-year estimates staying largely unchanged.

We’ll revisit our model post next week’s delivery release.”

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