Shares of Tesla Inc. (TSLA) gained 0.8% in premarket trading Friday, after Deutsche Bank analyst Emmanuel Rosner raised his price target to $900 from $850 ahead of the electric vehicle maker's second-quarter deliveries and production update. Rosner kept his rating at hold, as his new target is 8.7% below Thursday's closing price of $985.98. "Despite about 7 weeks of downtime at the Fremont plant, we think Tesla's 2Q global production could be in the mid-70K range, ahead of buy-side consensus in the mid-60s," Rosner wrote in a note to clients. Meanwhile, he doesn't believe Tesla was able to reach full Model Y production, and estimates about 10K-13K vehicles were made during the quarter. Tesla is slated to report deliveries and production next week, with Rosner saying it will likely be on July 2. Tesla's stock has more than doubled year to date (up 136%), while the S&P 500 has lost 4.6%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
June 26, 2020 06:48 ET (10:48 GMT)
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