Goldman Sachs has increased its price target for Tesla (NASDAQ) from $175 to $248, maintaining a Neutral rating, following stronger-than-expected Q2 deliveries. Tesla reported Q2 vehicle deliveries of approximately 444,000, surpassing both Goldman’s estimate and the Visible Alpha Consensus. Despite the positive delivery figures, Goldman Sachs projects Tesla’s non-GAAP automotive gross margin will decline due to lower production and the costs of incentives.
The bank now forecasts Tesla will deliver 1.811 million vehicles in 2024 and maintains a 2025 estimate of 2.1 million. Analysts also highlighted Tesla’s leadership in AI and software technology within the automotive sector and potential revenue from robotaxis.
