Tesla still likely to deliver more than 5M vehicles by 2030 - Morningstar
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Morningstar equity analyst Seth Goldstein said Wednesday that he was unfazed by the fact that Tesla (NASDAQ:TSLA) missed forecasts for its Q4 deliveries, standing firm in his belief that the EV giant will deliver more than 5 million vehicles by 2030.
"Our long-term assumptions remain intact. We forecast over 5 million vehicles by 2030 as Tesla launches the Cybertruck and a new affordable vehicle platform. We also assume cost reductions lead to margin expansion," Goldstein told CNBC.
The Morningstar analyst currently has an Overweight rating on the stock, although he recently trimmed his price target to $220 from $250. 
Citing historical growth rates that were in line with management's outlook of 50% delivery growth each year, the analyst forecasts over 1.6M vehicle deliveries in 2023. 
He further added that Tesla has opportunities for growth in ancillary businesses as well, such as its autonomous driving software business and its robotaxi insurance business.
Goldstein's comments came on the back of TSLA shares hitting another 52-week low this week, with a 12% decline on Tuesday. The stock advanced 5% on Wednesday.
Overall, TSLA has shed more than 70% over the past year, as higher interest rates have changed Wall Street's preferences and as the company has faced headwinds, like production snags in China and the distraction caused by CEO Elon Musk's purchase of Twitter.
Meanwhile, Wall Street analysts have trimmed TSLA's earnings forecasts after Q4 deliveries disappointed.
For more on Tesla's long-term fundamentals, see why Seeking Alpha contributor Yiannis Zourmpanos says that looking beyond a potentially rocky 2023, "there's a strong path for continued growth and margin expansion."