Tesla price target raised to $230 from $200 at Deutsche Bank

Deutsche Bank raised the firm’s price target on Tesla to $230 from $200 and keeps a Buy rating on the shares. Tesla is slated to report Q2 deliveries and production figures this coming weekend, and the analyst raised the firm’s Q2 deliveries estimate to 448,000 units, reflecting sequential volume growth post price reductions, “with China coming in particularly strong.” The firm’s Q2 revenue is raised to $24B on better volume, up modestly from $23.5B. Beyond the quarter, Deutsche still sees risk of additional price cuts over the rest of the year and into 2024. Beyond this, Tesla’s longer-term story “remains very much intact and best-in-class,” writes the firm.