Investment company Jefferies analyst Philippe Houchois Philippe Houchois maintained a “buy” rating on Tesla stock and raised the target stock price from $850 to $950. Influenced by this news, Tesla rose 24.71 US dollars in regular transactions, an increase of 3.02%, to close at 843.03 US dollars.
Hojos wrote in the investment report that the Austin and Berlin factories will produce 5,000 to 10,000 vehicles per week, and the annual production capacity will increase by at least 500,000 vehicles. Next year, production will actually increase by 200,000 to 250,000 vehicles.
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According to the output in the third quarter, the annual output of the Shanghai plant reached 530,000 vehicles, exceeding production capacity. Although 20% of total production needs to be transported across continents, Tesla’s deliveries still slightly exceed production.
Moreover, Jefferies raised its revenue forecast for 2022-23 by 6%, and its earnings before interest and taxes by 9%-7%. Hojos also raised its free cash flow forecast by 7% to 4%. Jefferies expects Tesla’s total revenue and auto business revenue in the third quarter to be 14.5 billion and 12.5 billion U.S. dollars, respectively, with an average car selling price of 49,000 U.S. dollars and a gross profit margin of 26.1%.
