Tesla, Inc. TSLA shares are trading higher in anticipation of the company's third-quarter earnings report this week. Wedbush issued bullish commentary on the stock ahead of the report.
Tesla is expected to report its third-quarter earnings of $1.52 per share, which represents year-over-year growth of 100% from $0.76 per share reported in the same period a year ago.
Wedbush analyst Daniel Ives noted 'We believe the current supply chain issues has taken roughly 40k cars off the annual numbers for Tesla and despite this dynamic, we believe Musk & Co. should near the ~900k mark for 2021 with a 1.3 million/1.4 million unit bogey for 2022.'
Ives also noted 'We believe China demand rebounded in the quarter and is clear indicator of the step up in EV demand taking place globally with China leading the way.'
Tesla designs, develops, manufactures, leases, and sells electric vehicles, and energy generation and storage systems in the United States, China, and internationally.
Tesla's stock was trading about 2.2% higher at $861.42 per share on Monday at the time of publication. The stock has a 52-week high of $900.40 and a 52-week low of $379.11.
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