Tesla received a price target hike from New Street Research to $1,580 as deliveries in Q4 2021 surpassed expectations. The firm predicts the manufacturer will deliver 1.5m vehicles in 2022.
New Street Research has posted a new research note entitled Tesla 4Q21 Deliveries: monster beat, Tesla above 1.2m run-rate. Buy, TP $1,580. In the explanation, it wrote:
New Street Research expects Tesla to deliver 1.5 million vehicles next year:
Upside vs. consensus: the firm expects total deliveries of 1.5m vs. consensus 1.4m (7% upside), Exiting the year at an annual run-rate of 1.7m.
New Street Research believes Tesla needs to announce 4-5 new factories in the coming years to continue to grow at a 50% annual rate. The firm expects the announcements to be made no later than mid-2023, after which it will take up to 2 years before deliveries begin, and another ~2 years to increase the factory's capacity to >700k run-rate.
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