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Is Tesla stock a buy days before the Cybertruck release?

Is Tesla a buy days before the Cybertruck release
Ivan Zhelev

Tesla’s (NASDAQ: TSLA) shares saw a notable 18% increase in November, fueled by anticipation for the upcoming Cybertruck delivery event. However, the question of whether Tesla will deliver on its ambitious target of 1.8 million vehicles in 2023 remains.

While this positive momentum is generating, Jefferies analyst Philippe Houchois lowered his firm’s price target on TSLA to 210 from 250 while maintaining a ‘Hold’ rating on the shares. 

“Tesla looks stuck in a slow lane for another 12-18 months, unable to capitalize on peer delays while European legacy OEMs launch $/€25k EVs next year and Chinese carmakers set a new pace of shorter product cycles,” the analyst said.

As such, the analyst reduced his 2023 and 2024 EBIT estimates for Tesla by 15% and 24%, to $8.7 billion and $10.6 billion, respectively. He also lowered free cash flow estimate by 36% and 31%, respectively.

He also added a few words about the Cybertruck. 

“However unlikely just a few days before first deliveries, canceling Cybertruck would probably be positive for shares. With 2024 already a lost year for growth, it would help Tesla refocus on an edge that was built on simplicity, scale and speed.”

Philippe Houchois

In true Elon Musk fashion, his response was a single clown emoji.

What do analyst think? 

A synthesis of projections from 33 analysts on TipRanks over the previous quarter indicates a 12-month average price target of $247.29 for Tesla. 

This suggests a potential increase of 5.03% from its current price of 235.45, and a solid ‘Hold’ recommendation. Based on the last three months’ rating, TSLA has received 14 ‘Buy’ ratings, 13 ‘Hold’ ratings and notably 6 ‘Sell’ ratings.

TSLA Wall Street analyst 12-month prediction. Source: TipRanks

The stock’s price targets exhibit a wide range, spanning from a high of $380 to a low of $85. This significant gap reflects the uncertainty surrounding whether the company can meet its Q4 targets and the success of the Cybertruck release.

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