Tesla is defended by analysts after deliveries miss sends shares lower
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Tesla (NASDAQ:TSLA) fell 5.10% in premarket trading on Monday after the electric vehicle giant missed the expectation of analysts with its tally of Q3 deliveries.
J.P. Morgan kept a bearish view on Tesla (TSLA) following the deliveries update.
"We remain wary on valuation and continue to see large downside (-42%) to our price target, including on the potential for multiple compression amidst rising competition and less distinction vs. traditional automakers over time," updated Ryan Brinkman.
However, there were plenty of bulls to make up for J.P. Morgan's pessimism.
 "We believe the company remains well positioned to drive solid volumes and also margins/FCF going forward, and the vehicles in transit issue is a mitigating factor for the 3Q delivery miss," wrote Goldman Sachs analyst Mark Delaney on the upside.
Meanwhile, Wedbush Securities thinks Tesla's (TSLA) Q4 performance will quickly put Q3 in the rearview mirror with investors.
Analyst Dan Ives: "We believe the unit set-up into 4Q is very robust and could approach massive numbers that are in the 475k+ range. In a nutshell, this quarter was nothing to write home about and the Street will be disappointed by the softer delivery number in 3Q. That said, we view this more of a logistical speed bump rather than the start of a softer delivery trajectory into 4Q/2023 and remain bullish on the Tesla story."
Read more about Tesla's Q3 deliveries report.