Tesla Set To Rally After Pause? Analyst Sees Q2 Deliveries, Cybertruck Frenzy Boosting Stock

Tesla, Inc. TSLA rally stalled on Thursday after the stock's 13-session winning streak, and an analyst sees further upside over the year, thanks to a few catalysts.

Bracing For Record Q2: The next big data point for Tesla is likely to be its second-quarter deliveries update, likely to be announced on July 2, said Future Fund's Gary Black.

The analyst is bracing for a record second-quarter volume of 450,000 units, up 76% year-over-year. The number is higher than the consensus estimate of 448,000, he said.

Black said he expects more analysts to upwardly revise their price targets. Close on the heels of Wedbush's Daniel Ives upping his Tesla price target from $215 to $300, RBC Capital Markets analyst Tom Narayan hiked his price target from $212 to $3-5 on Thursday.

Black said, "We expect more WS analysts with TSLA Buy ratings to raise their TSLA PTs (avg $205) as they post 2Q previews over the next two weeks."

He also noted the second-quarter employee trading window for Tesla stock closes on Friday.

See Also: Everything You Need To Know About Tesla Stock

Cybertruck Frenzy: Black is more enthusiastic about the Cybertruck launch. "When a new product creates news like Cytruck will in 4Q, potential EV customers will go to the $TSLA website or TSLA store and the entire brand lineup benefits," he said.

This happened in 2020-21 when the Model Y was launched, Black said. Tesla's volume growth swelled from 36% in 2020 to 87% in 2021, he noted. The analyst is of the view that the consensus volume growth estimate for 2024 is way too low at 27%.

Tesla ended Thursday’s session down 0.34% at $225.90, according to Benzinga Pro data. This is despite the broader market moving higher in the session. In after-hours trading, Tesla shed an incremental 0.94%.

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