A Tesla analyst says he's one step closer 'believing that the story is real' and that the stock could shoot to $600
Ives thinks Tesla's financial turnaround is proceeding apace this quarter. Tesla has forecast that it will deliver 360,000 to 400,000 vehicles this year. Doing so would require it to deliver around 104,500 in the current quarter, which would be a record amount for the company and about 7,300 more than it delivered in the third quarter.
"European demand is much stronger than expected," Ives said. He continued: "Many, including us, have been surprised by this [overall] demand the last few quarters."The good news for the company and its backers will likely continue into next year, he said. Tesla has said that the build-out of its new factory in China is ahead of schedule. Once it's online, vehicle production in the country there should boost the company's sales and stock, Ives said.
But he's not yet ready to upgrade the stock back to a buy. Much of the reason for that is Tesla's recent history, he said. Seemingly every time of late that investors have gotten bullish on the company, it's had a setback in demand or operations that's sent its stock spiraling.
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