Elon Musk: Tesla’s 7-Seat Model Y Production Now Set For ‘Early Q4’

Tesla (TSLA) CEO Elon Musk has revealed that the production of a 7-seat version of the Model Y will take place before the end of the year.

In a Twitter post, Musk stated that production will begin ‘probably early Q4.’ According to Electrek, this would place the first deliveries around October or November of 2020. The publication also writes that the limited leg-room displayed by prototype models could ultimately see the 7-seat version having a rear-facing third row instead of front-facing.

Tesla shares have exploded by 139% so far year-to-date. As a result, Goldman Sachs analyst Mark Delaney recently downgraded the stock to Hold with a $950 price target. “We’d look to become more positive on Tesla stock again if we had more confidence in the near to intermediate term trajectory of fundamentals, or if valuation became more attractive,” Delaney told investors.

However Jefferies analyst Philippe Houchois has just boosted his TSLA price target to a Street-high $1,200 from $650, explaining: “Tesla is still the only legacy-free OEM engaged in a positive EV sum game. Against expectations even a few months back, the gap with peers is widening, from product to battery tech/capacity.”

The analyst concluded: “We fear volatility may remain high but raise our DCF-based PT to $1,250 on higher mid-term growth (+2pp) and lower cost of capital (-1pp to 8%)”. His new price target indicates further upside potential of 20%.

Overall, TSLA has a Hold analyst consensus with 11 Sell ratings and 9 Hold ratings versus 8 Buy ratings. Meanwhile, the Street’s $679 average price target implies 32% downside potential in the shares over the coming year. (See Tesla’s stock analysis on TipRanks).

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