Tesla's Model Y Is Out For Delivery

Tesla Inc TSLA has begun the much-awaited deliveries of its new Model Y electric crossover.

Several buyers posted on Twitter, Facebook and elsewhere late last week that Tesla notified them their Model Y was out for delivery.

The deliveries hadn't been expected to be headed to buyers until later this year. CEO Elon Musk had said Tesla was expecting to have the Model Y out by this summer, and analysts later began saying they were expecting deliveries by the end of March.

Model Y deliveries begin!https://t.co/ZhuiM5MTOf pic.twitter.com/3gX6MBPmhp

— Tesla (@Tesla) March 16, 2020

Successful early delivery will be seen as good news after the electric car maker has faced problems in the past from making its sometimes aggressive delivery timelines.

Broader Market Bringing TSLA Down

Also on Monday morning, Bernstein analyst Toni Sacconaghi said, "Tesla stock remains high enough that it takes very aggressive assumptions on its future auto business to justify its valuation on a DCF basis."

Tesla's stock had neared $1,000 per share earlier this year.

"A baseline valuation of $300-500 for Tesla's auto business may be more realistic," Sacconaghi wrote in a note. He maintained a Market Perform rating and $730 price target on Tesla.

The news didn't help Tesla on another day of punishment from coronavirus upheaval. Tesla's were hammered along with the rest of the market, down more than 14% at publication time to $469.

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