Nasdaq TSLA Tesla

Shares of Tesla TSLA dropped 2% yesterday following its third-quarter 2023 production and delivery results. After reporting record deliveries for the first two quarters of 2023, Tesla witnessed a sequential fall in its deliveries

Wall Street's main indexes were set for a higher open on Wednesday after data pointed to a cooling labor market, while a pullback in U.S. Treasury yields from their multi-year highs also supported investor sentiment.

The NASDAQ 100 Pre-Market Indicator is up 63.65 to 14,629.27. The total Pre-Market volume is currently 49,662,259 shares traded.The following are the most active stocks for the pre-market session: ProShares UltraPro QQQ (TQQQ) is +0.3122 at $34.85, with 6,372,328 shares traded.

Futures tracking Wall Street's main indexes were muted on Wednesday as investors awaited more data for clues on the state of the labor market, while a relentless rally in long-term U.S. Treasury yields kept markets on edge.

Exchange-traded funds tracking automakers saw net outflows last month on worries over the United Auto Workers' (UAW) strike against the "Detroit Three" and higher interest rates.

EV (Electric Vehicle) titian Tesla ( NASDAQ:TSLA ) has been prioritizing volume over margins and profits. Though the company’s CEO,  Elon Musk, sees margin headwinds as a short-term phenomenon, the company sold fewer cars in Q3 (sequentially) at a lower average selling price, implying that the pressure on its margins will continue for a fairly long time. Moreover, its profit margins could continue to head south, as the company will not shy away from aggressively cutting prices to ramp up volumes in the future. Echoing similar sentiments,  Toni Sacconaghi of Bernstein reiterated a Sell rating on Tesla stock on October 2. Despite the significant price cuts, Tesla’s lower-than-expected deliveries indicate weak demand, noted Sacconaghi. The analyst believes Tesla will have to lower its average selling prices next year to drive volumes, hurting its margins and earnings.  While Sacconaghi is bearish about Tesla,  Mark Delaney of Goldman Sachs maintained a Hold rating on TSLA stock following Q3 deliveries. The analyst is upbeat about the company’s long-term prospects. However, he believes that Tesla’s additional price cuts to drive volumes will hurt near-term margins. Nonetheless, Deutsche  Bank analyst Emmanuel Rosner reiterated his bullish outlook about Tesla stock as the company maintained the full-year volume target despite lower Q3 deliveries, implying volumes will accelerate in Q4. However, Rosner pointed out that Tesla could witness lower volume growth in 2024. Further, the analyst sees less contribution to its financials from the launch of Cybertruck.  With concerns around Tesla’s margins, let’s look at the Street’s consensus rating for its shares.  Is Tesla a Buy or Sell Right Now? Per Wall Street analysts’ consensus rating,  Tesla stock is a Moderate Buy near the current levels. It has received 12 Buy, 13 Hold, and four Sell recommendations from a total of 29 analysts. However, their average price target of $264.56 implies a limited upside potential of 7.31% over the next 12 months.  Bottom Line Tesla is undoubtedly a solid long-term stock, given its leadership in the EV space. The company’s peers are already grappling with higher costs, implying that Tesla will continue to maintain its lead in the EV sector in the coming years. Further, Tesla's boss is optimistic that the company’s focus on cost reduction, new product development, and autonomy will help recoup margins in the long term.  However, the near-term pressure on margins, weakness in the overall automotive market, and significant year-to-date price gains may limit the stock's upward potential.  Disclosure

Futures tracking Wall Street's main indexes were subdued on Wednesday after a spike in long-term U.S. Treasury yields, while investors awaited more clues on the state of the labor market and the likelihood of prolonged restrictive monetary policy.

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For Immediate ReleaseChicago, IL – October 4, 2023 – Today, Zacks Investment Ideas feature highlights Tesla TSLA, Alphabet GOOGL, Apple AAPL and NVIDIA NVDA.

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Earlier in the week, Tesla (TSLA) announced record deliveries for the third quarter.

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