Oppenheimer Keeps Perform on Tesla

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

“TSLA deliveries showed meaningful upside to expectations while energy storage growth remained subdued.

With deliveries exceeding production we anticipate relatively strong operating CF in the quarter and GM upside.

We continue to see FSD as a key demand driver for TSLA and believe the company could show strong attach rates supporting margins and cash flow.

With its new debt facilities in place, we will be looking for cadence of capex spend and any incremental pressure to TSLA balance sheet on its Oct.

21 results call along with an update on Optimus production timing which we believe could push to the right. Production and delivery numbers.

TSLA announced total 3Q deliveries of 486.5K vs. a company-compiled consensus estimate at 462.0K and the FactSet estimate at 461.0K.

Model 3/Y deliveries of 478.2K compared to company-compiled consensus at 450.7K and FactSet’s 435.0K estimate. Production of 457.4K Model 3/Y and Other Models at 7.0K totaled 464.4K.

TSLA deployed 13.7 GWh of energy storage products vs. expectations for 15.9 GWh.”

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