Tesla (TSLA) stock is higher by more than 9% in Tuesday's session after the electric vehicle (EV) maker disclosed its quarterly deliveries data.
In the second quarter of 2024, Tesla said it delivered 443,956 vehicles. While this was a 4.8% decrease from the 466,140 vehicles it delivered in the year-ago period, it was 14.8% more than the 386,810 vehicles it reported in Q1 2024.
What's more, the second-quarter deliveries topped analysts' expectations. According to CNBC, Wall Street expected Tesla to deliver 439,000 vehicles over the three-month period.
Tesla also said that its total vehicle production in the second quarter of 2024 was 410,831 vehicles. This was 14.3% lower than the 479,700 vehicles it produced in the year-ago period, and was also 5.2% below what it produced in Q1 of this year.
Is Tesla stock a buy, sell or hold?
Tesla has been the worst-performing Magnificent 7 stock so far in 2024, falling more than 7% for the year to date. It's also woefully lagged the S&P 500, which is up roughly 15%. However, the stock has rallied of late, gaining nearly 60% since its first-quarter earnings release on April 23.
Despite the consumer discretionary stock's recent run higher, Wall Street remains on the sidelines. According to S&P Global Market Intelligence, the average analyst target price for TSLA stock is $183.03, which is a discount of about 20% to current levels. Additionally, the consensus recommendation is a Hold.
Wells Fargo is one of the more bearish research firms, with a Sell rating and $120 price target, according to CNBC.
In a report released Monday, Wells Fargo analyst Colin Langan said his firm sees "declining delivery growth driven by lower demand and diminished return on price cuts," adding that there is a "likelihood of more price cuts and lower volumes" throughout the rest of 2024.
Wells Fargo's $120 price target represents a discount of about 48% to current levels.
