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Global Equities’ Trip Chowdhry believes that the pullback in Tesla Motors Inc (NASDAQ: TSLA) shares offers an attractive buying opportunity, especially given that Model X production issues seem to be reaching an end and meaningful catalysts are expected for the remainder of FY16.
The analyst maintained an Overweight rating on the company.
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1Q16 Deliveries
The company reported 14,820 deliveries for 1Q16, below the guidance of 16,000 despite a 50 percent year on year increase in deliveries. Deliveries for Model S stood at 12,420, while for Model X were 2,400.
Chowdhry mentioned that Model X’s production rate reached 750 units per week in the last week of the quarter.
Model X Woes Ending
Following conversations with about 80 Tesla customers at the unveil event for Model 3, Chowdhry stated that delivery pickup times for Model X had improved meaningfully.
Customers who had their Model X waiting at a local service station for over days confirmed that their Model X pickup was scheduled on or before April 15.
“At the Model 3 unveil event, we got an impression that Model X production had reached about 1,000 Model X's per week,” Chowdhry pointed out.
Catalysts for 2016
Following the Model 3 unveil event, some expect Tesla Motors to hold another event to provide more details, especially related to the huge Space-Age HUD.
Also, the inauguration of Giga Factory is expected between the last week of April and last week of May, while residential stationary deliveries are likely to get into full swing in 2H16.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.