Tesla received an increase in its price target from $230 to $300 from Mizuho. The firm's analysts believe Tesla will be the EV leader in the next decade as its new factories continue to ramp up production.
Investment firms continue to raise their price targets for Tesla. This comes after the announcement of a very successful delivery quarter. Tesla announced on Sunday it had produced almost 480,000 vehicles in the second quarter and delivered more than 466,000 vehicles. This beat the consensus of 447,000 deliveries by nearly 20,000 units. After that, the manufacturer's shares have continued to rise, and analysts are increasing their price targets.
Analysts at Mizuho have now adjusted their price from $230 to $300 and reaffirmed a Buy rating, according to investing.com. The firm raised its quarterly revenue estimates from $23.1 billion to $23.9 billion and EPS from $0.83 to $0.86, which compares to the consensus of $24.5B and $0.82, respectively. Mizuho raised FY 2023 revenue estimates from $95.7B to $96.5B and EPS from $3.52 to $3.55, versus the consensus of $100B and $3.47.
The firm's analysts still see Tesla as the world leader in electric vehicles in the next decade, as its gigafactories in Berlin and Texas continue to ramp up production. In addition, a $7,500 tax credit for the purchase of EVs in the US is also a great incentive for further development. Tesla is one of the biggest beneficiaries.
© 2023, Eva Fox | Tesmanian. All rights reserved.
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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.
