Deutsche Bank raises TSLA price target as Q2 draws to a close

With the price of Tesla shares (TSLA) on a rapid rise since March, when prices dipped below the $400 mark, Deutsche Bank has raised its price target on the automakers prospects for Q2 2020 delivery numbers.

In a note to investors on Friday, Deutsche Bank analyst Emmanuel Rosner increased his price target from $850 to $900, while maintaining his ‘hold’ rating for the stock.

Rosner’s optimism is based on his analysis that forecasts Tesla could produce as many as 75,000 vehicles in a quarter that saw the Fremont factory shutdown for two months.

Despite about 7 weeks of downtime at the Fremont plant, we think Tesla’s 2Q global production could be in the mid-70K range, ahead of buy-side consensus in the mid-60s.

It does appear Tesla is pulling out all the stops in an attempt to deliver as many cars as possible before the close of the quarter later this week. Drive Tesla received reports of the Vancouver location delivering as many as 150 vehicles every day, levels of activity not seen since the summer of 2019.

Tesla is expected to release their Q2 2020 production and delivery numbers later this week.

h/t [MarketWatch]

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