- Summary:
- Tesla shares were 0.7% lower on Monday as the company gets set to release its latest quarterly earnings results on Wednesday after the close.
Tesla shares were 0.7% lower on Monday as the company gets set to release its latest quarterly earnings results. The company will release its latest results on Wednesday after the market close.
Analysts are expecting to see earnings per share of $0.55c on sales of $8.3 billion. The stock was boosted by an upgrade from Wedbush analyst Daniel Ives, who raised his price target on the company to $500 from $475 ahead of the release. In an analyst note, Ives said the company’s performance in China should boost earnings.
“Tesla’s improved manufacturing efficiency and shining Giga 3 success in China will be on full display later this week and lead to another strong bottom-line performance which should beat the Street in our opinion”.
Ives also saw impressive production figures coming from the electric vehicle maker, saying,
“In terms of overall unit demand heading into year-end we believe Tesla is on pace to impressively achieve in the area code of 500k units for the year, a line in the sand that was a pipe dream six months ago as Tesla (and other auto players) have navigated this unprecedented COVID backdrop”.
Tesla shares have seen an impressive 2020, but the price is trading in a range since the September 1st highs and a stronger-than-expected set of financial results could see investors pushing the company’s stock higher.
Tesla Technical Outlook
Tesla saw a high just shy of $500 on September 1st and has created a range with the July highs at $358.50 providing support for the stock. There is some resistance at $450 and this earnings release will determine whether we break that level higher, or retreat to test the support again.
Tesla Daily Chart
