October 21, 2024

Can Tesla Post Strong Earnings?

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Investing

24/7 Wall St. Insights

Tesla Inc. (NASDAQ: TSLA) is about to announce its latest quarterly results.
The stock could use a boost after the underwhelming robotaxi unveiling.
Investors will be watching Cybertruck sales and sales in China.
Also: Dividend legends to hold forever.

Tesla Inc. (NASDAQ: TSLA) announces earnings later this week. With its stock still down 4% this year, it must outperform expectations.

The average analyst forecast is for earnings of $0.58 per share. Last year, the figure was $0.66. Based on its September production figures, deliveries appear to be increasing. Whether that helps earnings is too early to tell. If so, Wall Street might have some positive news to bring back the kind of share buying Tesla had enjoyed for years until recently.

Tesla’s single most significant problem recently is that its robotaxi introduction was a disappointment. Investors thought the presentation was long on hype and short on specifics. Another large question is whether Cybertruck sales have been strong. Early results are mixed. Elon Musk may be able to make the case that it is accelerating.

Tesla may also claim advances in China, the world’s largest electric vehicle (EV) market. In September, its sales there rose 19% year over year, making China the world’s largest EV market by a significant margin.

As of late September, the 54 analysts covering Tesla had a wide range of opinions. Five rated it a Strong Buy. Another eight rated it as Underperform or Sell. However, their median price target for the stock was $210, and the stock trades at $220. There’s not much optimism there.

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