Tesla takes a victory lap

|About: Tesla, Inc. (TSLA)|By:, SA News Editor

Tesla (NASDAQ:TSLA) is holding on to its AH gain from yesterday following the company's above-consensus report of 95.2K deliveries in Q2.

Model 3 deliveries of 77,550 during the quarter came in comfortably ahead of the final Street consensus estimate of 74,100 to the surprise of some sensing desperation out of Fremont.

"Taking a step back, with Musk and Tesla's back against the wall and many doomsday predictors abound the company came through swinging with a strong 2Q delivery unit number that will help restore credibility to the story in the near-term as Musk talked the talked, but finally walked the walk this quarter," writes Wedbush's Dan Ives on the deliveries print.

While Tesla is hearing other positive comments from Wall Street analysts for the Q2 deliveries push, there aren't any upgrades or price target hikes arriving in this morning. That could be because Tesla didn't update its full-year forecast for 360K to 400K deliveries or back up Elon Musk's tease of a profitable second half of the year. There is also the impact of the lower federal EV tax credit post-July 1 to factor in.

Tesla is likely to spill Q2 earnings sometime during the first week of August, giving investors a few weeks to position themselves for the crucial second-half guidance update that should arrive with the report.

Shares of Tesla are up 7.01% premarket to $240.26.

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