Tesla’s first quarter deliveries were relatively in line with expectations. (Photo: 123RF)
What to do with titles from Tesla, Constellation Software and Bombardier? Here are some recommendations from analysts likely to move prices soon. Note: the author may have a totally different opinion from the one expressed.
Tesla (TSLA, US$1,084.59): Deliveries relatively in line with forecasts in the first quarter
Electric vehicle maker Tesla says it delivered 310,048 vehicles in the first three months of 2022, higher than Bank of America analyst John Murphy’s forecast of 294,567.
However, the performance is slightly lower than the analyst consensus of 312,540 deliveries.
John Murphy notes that the numbers were virtually flat with deliveries of 308,600 vehicles in the fourth quarter of 2021.
“It is encouraging to see that model S/X deliveries continue to climb, although volumes are relatively low, while those of model 3/Y were flat compared to the last quarter of 2021,” notes the analyst. .
Tesla unveiled deliveries of 14,724 Model S/Xs in the first quarter of 2022, which is up 25% from the previous quarter and 629% year-on-year.
The company also shipped 295,324 3/Y models, down 1% from the fourth quarter of 2021, but up 62% year-on-year.
Analysts expected deliveries of 13,192 Model S/X and 300,064 Model 3/Y.
“The fact that deliveries remain stable is an encouraging sign for the company in the context of macroeconomic supply chain challenges. However, it remains to be clarified whether the hiccups in production over the past year are attributable to a slowdown in order growth or are the result of a drop in capacity or the absence of unveiling of new models. ‘analyst.
He adds that in recent months Tesla has announced progress in its marketing efforts, including at a parts plant in Shanghai, after suspending work earlier this year for reasons that remain unclear. The company has also received the green light from the authorities to start production at its Berlin plant.
Despite this, Tesla has pushed back the launch of its Cybertruck to late 2022, a year later than originally planned.
“The company’s ability to continue its accelerated growth will depend on the unveiling of new versions of its existing models and the arrival of new vehicles such as the Cybertruck, as well as an increase in its production capacity in Berlin and Austin, which will require a lot of capital,” said the analyst.
John Murphy is not touching his “neutral” recommendation on Tesla stock or his one-year target price of US$1,100.
Constellation Software (CSU, $2,175.63): growth strategy through acquisitions continues