Credit Suisse is confident that Tesla (NASDAQ: TSLA) will meet its 2020 target and deliver 500,000 vehicles as demand in Q4 is set to exceed market forecasts.
Credit Suisse has joined the list of firms that believe Tesla can meet its 2020 target of 500,000 vehicles. The firm said they expect demand for the company's cars in Q4 to exceed Wall Street's expectations.
In a note to investors, Credit Suisse said it expects Q4 deliveries to be about 183,000, compared with the sell-side consensus of 163,000 deliveries, and the buy-side consensus of about 175,000 to 180,000.
"While our expectation would require a record month for Tesla in December, we believe this is feasible given Tesla's typical quarter-end wave."
Dan Levy said that, since the company will deliver about 183,000 vehicles in the quarter, Tesla's total deliveries would be 502,000 vehicles in 2020.
Credit Suisse retained its neutral rating on the stock with a target price of $400.
Earlier, analysts at Deutsche Bank, Cowen, Global Equities Research and even GLJ Research said they are also confident that the company will achieve its production and delivery targets of 500,000 vehicles in 2020.
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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.
