UBS Maintains Neutral on Tesla, $385 PT
UBS analyst Joseph Spak reiterated a Neutral rating and $385 price target on Tesla (NASDAQ: TSLA).
“We forecast 470k 3Q26 deliveries, -5% y/y, -1% q/q. This is +4% above Visible Alpha consensus of 454k (we don’t yet have “company collected consensus” which we expect will be posted within a week).
While we don’t believe the buyside is overly focused on auto units, we believe buyside expectations have also come up in recent weeks and would peg the range of expectations at 460-480k.
We also forecast storage deployment at 16.9 GWh (+35% y/y, +25% q/q) but caveat as always that energy storage is lumpy and checks are difficult. We expect TSLA to report 3Q26 deliveries on 10/2.”
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