Ahead of the Tesla (NASDAQ: TSLA) earnings report scheduled for July 23, for the second quarter, much of the attention is focused on how the stock might react.
Indeed, TSLA has witnessed significant gains in recent weeks, successfully sustaining levels above the $200 support zone. By the close of the market on July 22, TSLA was trading at $251, with 24-hour gains of over 5%.
In the meantime, analysts project Tesla’s EPS to be $0.61, down from $0.91 last year, with revenue expected at $24.3 billion.
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In Q2 2024, Tesla saw strong production and delivery numbers, with 443,956 vehicles delivered and 410,831 produced, significantly up from Q1. These numbers highlight Tesla’s growth and bolster confidence in meeting its annual goal of 2 million electric vehicle (EV) deliveries.
In the wake of Tesla’s Q2 earnings report, market analyst Peter DiCarlo shared an analysis of the stock’s potential price trajectory over the coming weeks in an X post on July 23.
Tesla’s stock price target post-earning
DiCarlo’s first target is $270.60, representing a potential 7.64% increase from the current price of $251.51. He anticipates that this level could be reached within three days, driven by short-term market movements and positive momentum following the earnings report.
This target suggests a quick rebound and a strong initial push, possibly fueled by investor optimism and increased trading volume.
The second price target is $278.41, indicating a 12.55% increase from the current level. According to DiCarlo, this target could be achieved within ten days. The mid-term outlook reflects a more sustained upward trend, potentially bolstered by continued positive sentiment and favorable market conditions.
Investors are likely to watch for additional catalysts, such as new product announcements or further developments in Tesla’s business strategy, to sustain this growth.
The most ambitious of DiCarlo’s targets is $287.03, forecasting an 18.02% rise over the next 21 days. This long-term projection takes into account broader market dynamics and the possibility of significant positive news impacting Tesla’s stock price. Achieving this target would likely require strong financial performance, strategic business moves, and favorable external factors.
Caution for Tesla
On the other hand, as reported by Finbold, another analyst at TrendSpider, Tesla is likely to see an upward trajectory in the coming days.
The analysts noted that key levels to watch include $300 and $400. However, they cautioned that the TSLA Relative Strength Index (RSI) at 98.8 calls for caution as it indicates the equity might be trading in overbought territory.
In summary, despite the impact of the earnings report, Tesla stock remains heavily reliant on general stock market movements.
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