After a leaked Elon Musk email to employees last week pointed to 100,000 deliveries, last night's reported Q3 delivery of 97,000, with 15% Model 3 lease penetration, is a "slight disappointment," Barclays analyst Brian Johnson tells investors in a research note.
Further, deliveries of 97,000 in Q3 still leaves guidance at risk for Q4, adds the analyst.
He points out that for Tesla (TSLA) to reach the mid-range of guidance for 360,000-400,000 deliveries in 2019, it would need to deliver 125,000 vehicles in Q4. Johnson forecasts 103,000 for Q4, "thus falling short of the low-end goal." The analyst keeps an Underweight rating on shares of Tesla with a $150 price target. The stock in premarket trading is down 4.5%, or $11.02, to $232.11.
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