Tesla price target raised to $551 from $482 at Canaccord

Core Viewpoint - Canaccord raised Tesla's price target to $551 from $482 while maintaining a Buy rating, despite reducing Q4 delivery outlook due to demand deterioration [1] Group 1: Price Target and Ratings - Canaccord increased Tesla's price target to $551 from $482 [1] - The firm maintains a Buy rating on Tesla shares [1] Group 2: Q4 Delivery Outlook - Q4 delivery outlook for Tesla was reduced to 427,000 from 470,000 due to a broader weakness in demand across products and regions [1] - The reduction in Q4 estimates reflects a sharper than anticipated decline in demand [1] Group 3: Market Sentiment and Developments - Despite the Q4 estimate cut, Canaccord identifies "constructive developments beneath the surface" for Tesla [1] - The recent share rally indicates that the market is looking beyond Q4 performance [1] Group 4: Long-term Market Dynamics - The end of U.S. electric vehicle subsidies is seen as a near-term drag on demand but is expected to foster a healthier, more durable market [1] - Tesla is noted to be the only company in the U.S. with a truly scaled, integrated EV franchise [1] Group 5: Emerging Markets and Innovations - Electric vehicle adoption is reportedly rising quickly in emerging markets such as Thailand, Vietnam, and Brazil [1] - Tesla's robotaxi rollout is progressing, indicating ongoing innovation and expansion [1] Group 6: Overall Positives - Canaccord believes that the underlying positives for Tesla outweigh the near-term earnings reset [1]