Tesla, Inc. NASDAQ:TSLA rose 5.98% intraday as Wall Street analysts reaffirmed their views following stronger-than-expected second-quarter deliveries. Baird reiterated its Outperform rating with a $522 price target, while JPMorgan NYSE:JPM maintained its Neutral rating and $475 price target after Tesla delivered 480,100 vehicles during the quarter, surpassing JPMorgan's estimate of 420,000, Bloomberg consensus of 380,700, and company-compiled consensus of 392,600.
The delivery total exceeded both firms' forecasts as well as broader market expectations, with Model 3 and Model Y accounting for 467,800 deliveries. Tesla also deployed 13.5 GWh of energy storage during the quarter, outperforming several analyst estimates and highlighting continued momentum in its fast-growing energy business. Analysts also pointed to improving production trends at Gigafactory Berlin, where output has recently accelerated.
Full Q2 financial results are due July 22, when investors will assess whether the stronger delivery volume translated into improved margins and earnings. The stock remains down 9% year-to-date.