Tesla (TSLA) stock is trending higher in Wednesday’s pre-market trading even after Goldman Sachs lowered its forecast for the company’s third-quarter vehicle deliveries. Analyst Mark Delaney cut his estimate to 435,000 vehicles from 490,000 and kept his Neutral rating and $360 price target on the stock. He said sales in China, the U.S., and Europe are running below his earlier expectations. Delaney wrote, “We believe that Tesla’s 3Q26 vehicle deliveries are tracking below consensus.”
For context, Tesla delivered 480,126 vehicles in Q2 2026, up about 25% year over year. The figure also came in well above the 402,776 Wall Street consensus. Tesla produced 451,758 vehicles during the quarter, meaning deliveries exceeded production by more than 28,000 vehicles.
Delaney ranks No. 166 among 12,498 analysts on TipRanks. He has a 64% success rate, with an average return per rating of 22.2% over a one-year period.
Goldman Sachs Spots Slower Tesla Sales in Three Major Markets
Goldman Sachs based its lower Q3 forecast on monthly and weekly sales data from China, the U.S., and Europe. Delaney said sales in all three markets are running below his earlier expectations.
However, some other markets showed better results. Tesla’s exports from China to Southeast Asia, South America, and Australia showed year-over-year growth. Goldman expects these markets to partly offset weaker sales in its three major regions.
Goldman Sachs also lowered its Q4 delivery forecast to 475,000 from 515,000. Still, the new estimate is above the 462,000 consensus.
Delaney expects Tesla deliveries to improve in Q4 as normal seasonal trends support volumes. The Model Y L ramp in the U.S. and Europe could also help. He also sees Full Self-Driving (FSD) as a potential demand driver.
Is Tesla a Buy, Hold or Sell?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on TSLA stock based on 11 Buys, 12 Holds, and three Sells assigned in the past three months, as indicated by the graphic below. The average TSLA price target of $377.08 per share implies 5.75% upside potential.
