Tesla stock price analysis after another upgrade at Wall Street

Shares of Tesla (NASDAQ: TSLA) are trading in a $600 to $700 range as buyers look to break higher on stronger-than-expected delivery numbers for Q1. 

Fundamental analysis: Delivery numbers in Q1 beat analysts estimates

Tesla published vehicle production and delivery numbers for the first quarter of this year and said it shipped 184,800 vehicles and produced 180,338 cars. Analysts estimated the carmaker to deliver roughly 168,000 vehicles in Q1, with all the expectations ranging from 145,000 to 188,000 deliveries.

The electric vehicle giant beat its delivery numbers of 180,570 vehicles from the previous quarter, when all of Tesla’s manufactured vehicles were Model 3 sedans and Model Y crossover SUVs, without producing any of its more luxurious cars including Model S sedans and Model X SUVs.

The carmaker shipped 2,020 Model S and Model X vehicles from inventory, accounting for only 1% of its total delivery numbers. The carmaker issued a statement where it said that with “new equipment installed and tested in Q1” the company is now “in the early stages of ramping production” for the new versions of Model S and Model X.  

The new delivery figures represent an over 100% increase compared to the same period last year when Tesla started delivering the Model Y. 

Elsewhere, Wedbush analyst Dan Ives upgraded Tesla stock from Neutral to Outperform with a price target of $1,000.00 (from $950.00) after President Biden unveiled his plan to support the EV industry.

Technical analysis: Failing at NT resistance

Tesla stock price gained almost 7% last week to soften the monthly loss to 1.1%. The price action closed nearly 1% lower on the first day of the new month while US markets were closed on Friday when Tesla reported delivery and production numbers. 

Analysts were expecting TSLA to gap higher in pre-market trading Monday, however shares are trading slightly in the red amid rising Treasury yields. The zone just below the $700 mark will continue to act as a resistance area as the price action creates a mini triangle. The triangle support comes in at $600 to offer investors looking to invest in Tesla shares a chance to buy at a better price.

Summary

Electric vehicle maker Tesla reported it delivered 184,800 vehicles and produced 180,338 cars in the first quarter of 2021, all of which were Model 3 sedans and Model Y crossover SUVs. Wedbush analyst Dan Ives upgraded Tesla stock from Neutral to Outperform.