Following impressive delivery results in 1Q2021 and ahead of the financial Tesla release, Mizuho Securities analyst Vijay Rakesh raised the target price for Tesla (NASDAQ: TSLA) to $820 from $775 and retained a Buy rating.
The analyst wrote that the key to Q1 2021 results is deliveries, which increased by 109% compared to the same period last year. He justified this by saying that Model 3 and Model Y experienced strong growth rates, which will lead to further strong results throughout 2021. As such, Q1 figures could raise the 2021 shipment/delivery outlook.
"We continue to see a vertically-integrated TSLA and NIO well- positioned in a secular EV market as legacy OEMs struggle to balance portfolios between legacy combustion engine and EVs. Reiterating our Buy on both TSLA / NIO; raising TSLA estimates and PT to $ 820 (prior $ 775) with stronger MarQ deliveries."
Mizuho Securities raised Q1 Rev/EPS from $10.0B/$0.69 to $10.7B/$0.72 with better topline partially offset by lower mix of Model S/X deliveries, F21E Rev/EPS from $48.5B/$4.02 to $50.4B/$4.40, F22E from $64.5B/$6.03 to $66.2B/$6.39, and F23E from $80.5B/$8.29 to $81.6B/$8.54.
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