Tesla shares climbed more than 2 percent on Monday to $378.73 after the company reported third-quarter 2026 deliveries of 486,532 vehicles, beating analyst forecasts by roughly 5 percent.
The gain marked a second straight session of advances for TSLA, even as deliveries slipped 2 percent from a year earlier.
Total production for the quarter reached 464,391 vehicles. Model 3 and Model Y units accounted for 457,387 of production and 478,237 of deliveries.
Energy storage deployments rose to 13.7 gigawatt-hours from 13.5 GWh in the second quarter, but the figure landed below consensus expectations.
Analysts Split on Tesla After Delivery Beat
Baird reiterated an Outperform rating and a $475 price target. Its analysts said Model 3 and Model Y drove the delivery beat while other models missed expectations.
Baird also flagged that recent investor attention has centered on the Cybercab launch, robotaxi service scaling, and a potential merger with SPCX.
The firm called 10 percent annual growth in energy storage a bright spot on the profit and loss statement.
Gary Black, managing director of The Future Fund, estimated the delivery beat could add $0.15 to annual adjusted earnings per share if sustained.
Black noted TSLA was up $23 per share since Friday morning and said the annualized improvement should be worth about $32 per share to the stock price.
UBS kept a Neutral rating and a $385 target, saying the energy storage shortfall would hit its financial model by roughly $0.03 per share.
JPMorgan also maintained Neutral with a $415 target, citing lower automotive gross margins and higher spending despite stronger European sales trends.
Truist reiterated a Hold rating and a $370 target, arguing AI developments matter far more than auto deliveries for Tesla's long-term cash generation.
Truist cut its 2027 earnings per share estimate by $0.01 to $1.97, noting no updates on artificial intelligence projects or new vehicles in the quarterly delivery report.
Chief Executive Officer Elon Musk confirmed ongoing discussions regarding semiconductor manufacturing, saying: "Just discussions, but something may come of it."
Musk made the comment in response to reports about potential arrangements involving Taiwan Semiconductor Manufacturing and Terafab.
Tesla is scheduled to release its complete third-quarter financial earnings report after market close on October 21.
