Tesla's long wait times are a bullish sign – and Elon Musk's carmaker could see its stock jump 62%, Piper Sandler says
Tesla's long wait times may be annoying for customers, but they're likely good news for stockholders, according to Piper Sandler.
The US-based investment bank noticed an uptick in wait times for Tesla's Model Y SUV – the brand's second most popular model, representing about 15% of deliveries. Tesla's website shows American buyers must now wait between three and 12 weeks for the various types of Model Y, up from zero to three weeks, Alexander Potter, senior research analyst at Piper Sandler, said in a note this week. "In recent weeks, investors have been asking us why wait times haven't responded more noticeably to Tesla's price cutting campaign. The answer is complex, because wait times don't solely reflect consumers' appetite for buying Teslas vs.
"Wait times also reflect Tesla's production rate, as well as market-wide demand for cars of all kinds. But regardless, we think this uptick will be interpreted favorably," he added. Potter's price target for Tesla is $280 a share, a roughly 62% increase from its closing stock price on Thursday. several times this year, then turned and raised prices for its Model Y and Model 3 vehicles by up to $290 per unit. The vehicle now costs $47,490, according to the company's website. in constantly changing the prices of his electric-vehicles.
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