Tesla price target raised to $150 from $115 at JPMorgan

JPMorgan raised the firm’s price target on Tesla (TSLA) to $150 from $115 and keeps an Underweight rating on the shares. The firm upped Tesla’s estimates after the company reported Q3 deliveries of 497,000, 12% ahead of consensus. JPMorgan now expects Q3 earnings per share for Tesla of 59c, which is down 18% year-over-year but above its prior expectation of 48c and the consensus estimate of 50c. Tesla’s Q3 benefitted from a “temporary stronger-than-expected industry-wide pull-forward” of demand for electric vehicles in U.S., the analyst tells investors in a research note. It is “too soon to declare Tesla as having sustainably returned to growth in its core business,” JPMorgan contends. The firm does not expect materially positive consensus estimate revisions beyond Q3.