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Investing.com — Canaccord Genuity analysts are optimistic about Tesla (NASDAQ:)’s upcoming 3Q24 outcomes, predicting the electrical car big will exceed market expectations for each revenue and deliveries.
The agency revised its supply and earnings estimates based mostly on its evaluation of worldwide information, spanning round 40 international locations.
“Our enhanced database now covers supply information for ~40 international locations on a month-to-month foundation,” Canaccord famous, highlighting their improved monitoring system for Tesla deliveries.
They stated that regardless of the difficult international automotive atmosphere, Tesla’s efficiency has remained sturdy.
Canaccord’s up to date estimates venture Tesla’s 3Q24 deliveries at 469.2k automobiles, in comparison with the consensus estimate of 458k. Whereas that is barely decrease from the earlier estimate of 480k, it nonetheless alerts strong progress.
The agency famous that “September is usually the best gross sales month within the quarter,” which they accounted for of their revisions.
The agency additionally maintains a optimistic outlook for the remainder of the 12 months, projecting whole 2024 deliveries of roughly 1.85 million automobiles, a 2.4% year-over-year enhance, above the FactSet consensus of 1.78 million.
When it comes to profitability, Canaccord has adjusted its 3Q24 non-GAAP EPS estimate from $0.98 to $0.75, nonetheless considerably forward of the $0.61 consensus.
This revision takes into consideration Tesla’s aggressive pricing methods geared toward boosting demand in key markets. The analysts cited sturdy gross sales momentum in China and engaging financing choices globally as key drivers for the optimistic outlook.
Wanting forward, Canaccord maintains its 4Q24 supply estimate of 552k automobiles, implying a considerable 17.7% quarter-over-quarter enhance. They base this on Tesla’s historic patterns, noting the corporate has averaged a 20.4% quarter-over-quarter achieve between 3Q and 4Q since 2019.
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