Tesla Misses Q3 Delivery Estimates But Analyst Sees Growth Ahead Despite Production Setbacks

Tesla's Q3 delivery numbers fell short of expectations, delivering 435,059 vehicles vs estimated 455,000. Production was also lower at 430,488.

Analyst Daniel Ives says the shortfall could mean ~20,000 units shift to Q4 figures. He sees Tesla entering next growth stage with Model 3 refresh and Cybertruck production.

Tesla blames longer downtime at Shanghai and Austin factories for delivery miss, as warned on Q2 call. Aims to still deliver 1.8M vehicles in 2022.

Ives keeps Outperform rating and $350 price target on Tesla stock, seeing better days ahead in Q4/2023.

Tesla has a Moderate Buy consensus on Wall Street based on a mix of Buys, Holds and Sells. Average price target implies slight 2.6% upside.