Oppenheimer Reiterates Perform Rating on Tesla

Oppenheimer analyst Colin Rusch reiterated a Perform rating on Tesla (NASDAQ: TSLA).

“TSLA vehicle deliveries represented 18% upside vs. company-compiled estimates.

Energy Storage deliveries at 13.5GWh were slightly below expectations as we believe seasonality on deployments limited sales.

We believe vehicle delivery strength was largely driven by compelling total cost of ownership dynamics with elevated and volatile oil prices supporting sales.

With domestic OEMs de-emphasizing EVs and EU OEMs continuing to operate at a cost disadvantage vs.

TSLA, we would not be surprised to see the company deliver further upside on vehicles through the balance of the year.

We also believe investors will now begin focusing on TSLA’s transformative capex ramp and its implications for scaling a vertically integrated Physical AI platform, particularly with data center buildout and initial humanoid production.

We expect shares to trade higher on the news.”

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