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Tesla shares rise after analyst raises Model 3 delivery estimate by 50%
- KeyBanc Capital Markets raises its second-quarter Model 3 delivery estimate to 30,000 from 20,000, citing its conversations with Tesla dealers.
- The firm reiterates its sector weight rating for the company's shares due to its valuation.
Tesla is making significant progress in ramping up production of its Model 3 electric car, according to one Wall Street firm.
KeyBanc Capital Markets significantly raised its second-quarter Model 3 delivery estimate to 30,000 from 20,000, citing its conversations with Tesla dealers.
"Our checks with sales centers indicate Model 3 deliveries are tracking ~50% higher than our prior estimates for the quarter, prompting us to raise our estimates," analyst Brad Erickson said in a note to clients Monday. "While the longer-term debate on TSLA remains more balanced … we maintain that evidence supporting the bear case is not likely to emerge in the near term, in our view."...MORE