Tesla (NASDAQ:TSLA) stock is a hot topic on Tuesday as analysts react to the company’s electric vehicle (EV) deliveries for the second quarter of 2022.
The latest results saw Tesla’s deliveries drop compared to the first quarter of the year. That’s worth noting as the company hasn’t seen a drop in deliveries for the last couple of years.
So what’s behind that? China is still dealing with the ongoing effects of the Covid-19 pandemic. This saw lockdowns linger through the spring and early summer, causing supply chain issues that are affecting several companies. Tesla is among them.
With that drop in deliveries, analysts are weighing in on the EV company’s stock in a series of new notes today. Let’s go over those below!
Is TSLA Stock Still a Buy?
- JPMorgan Chase starts us off with a lowered “underweight” rating. It also cut its price target from $395 per share to $385 per share.
- Next up is Oppenheimer, which continues to hold a bullish rating for the EV company’s shares even after the lower deliveries.
- Wedbush analyst Daniel Ives joins the list with an “outperform” rating and $1,000 price target. Ives notes that the delivery numbers are ugly but is more focused on the second half of the year.
- Bank of America analyst John Murphy maintains his “neutral” rating for TSLA stock, as well as a $925 price prediction. Murphy says it’s unclear if Tesla will remain dominant in the EV space for the long term.
- Deutsche Bank analyst Emmanuel Rosner sees no problem with the latest deliveries when accounting for Covid-19 lockdowns. This saw him increase revenue and earnings per share estimates for Tesla in Q2.
Even with the latest delivery trouble, analysts are still bullish on TSLA stock. While the delivery news dropped TSLA shares this morning, they’ve largely recovered from that fall as of this writing.
There’s more stock news worth checking out below!
We’ve got all the hottest stock news for Tuesday! Among that is what’s happening with Crocs (NASDAQ:CROX), Ginkgo Bioworks (NYSE:DNA) and GitLab (NASDAQ:GTLB) today. You can find out more about these matters at the following links!
More Tuesday Stock Market News
- Crocs (CROX) Stock Pops 9% on Loop Capital Upgrade
- Cathie Wood Is Making a Big Bet on Gingko Bioworks (DNA) Stock
- Gitlab (GTLB) Stock Pops Following Positive Earnings Guidance
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
