Guggenheim analyst Ronald Jewsikow raised the firm’s price target on Tesla to $132 from $125 and keeps a Sell rating on the shares. The firm is updating numbers to reflect the latest delivery trends and pricing, noting that for Q4 it sees deliveries tracking in line with 1.8M unit guidance, led by strong China trends, a strong November in Europe and continued softness in the the U.S. A large focus of the firm’s conversations with investors have centered around Tesla’s path to grow, not just in 2024, but 2025, which “is a challenging narrative for a stock trading at 77X/59X our 2024/2025 EPS estimates,” the analyst tells investors.
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