RBC thinks Tesla shares could see positive reaction to deliveries

After Tesla (TSLA) reported 384,000 in Q2 deliveries, RBC Capital analyst Tom Narayan said this result was in line with the 385,000 company polled consensus and “impressively” 5% above the firm’s 366,000 unit expectation into today’s print. While the delivery number for Q2 was in line with the sell-side consensus, the firm thinks the buy-side expectation was lower so it could see a positive reaction to shares. RBC has an Outperform rating and $307 price target on Tesla shares, which are up $10.91, or nearly 4%, to $311.62 in morning trading.