Tesla (TSLA) Deliveries Hit All Time High, PT Raised to $875 at Goldman Sachs

Goldman Sachs analyst Mark Delaney raised the price target on Tesla (NASDAQ: TSLA) to $875.00 (from $860.00) while maintaining a Buy rating after the company reported 2Q21 revenue of $11,958 mn (up 15% qoq and up 98% yoy) which was 4% above the Street (FactSet) at $11,514 mn. Automotive revenue of $10,206 mn (up 13% qoq and up 97% yoy) compared to the Street at $10,077 mn. Energy Generation and Storage revenue of $801 mn (up 62% qoq and up 116% yoy). The company reported storage deployments of 1,274 MWh (up 204% yoy). Service and Other revenue of $951 mn (up 6% qoq and up n95% yoy).

The analyst stated "Tesla’s 2Q21 deliveries hit an all time high and were about 201k (+9% qoq and +121% yoy), and recall that deliveries were about in line with the Bloomberg/StreetAccounts consensus estimates of ~204k/202k when the company announced preliminary deliveries on 7/2/2021. Model 3/Y deliveries in the quarter were about 199k (+9% qoq and +148% yoy), and Model S/X deliveries were about 2k (-7% qoq and -82% yoy). Recall that Tesla began deliveries of its Model S Plaid on 6/10/2021, and Tesla is currently changing over to new versions of the Models S and X."

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