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Goldman Sachs Sees Bright Future for Tesla, Suggests Buying Stock Options

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Tesla

Goldman Sachs has advised investors to buy call options for Tesla, citing a series of potential key developments that could drive the stock higher, including the expected unveiling of its robotaxi in October.

On Wednesday, Goldman Sachs issued a recommendation for the purchase of Tesla call options. The Tesla call options are among Goldman Sachs’s recommended trades. Currently, Tesla accounts for 17% of the total S&P 500, surpassing Nvidia, which holds 14%.

Goldman Sachs emphasized the upcoming “We, Robot” robotaxi event on October 10. Tesla will also announce its full self-driving technology and business outlook.

The anticipation surrounding Tesla’s third-quarter delivery report on September 2 further supports Goldman Sachs’s evaluation. According to Wall Street, Tesla expects to deliver 460,000 vehicles in the third quarter, a 6% increase compared to last year.

An auto analyst at Goldman Sachs, Mark Delaney, noted that a strong performance in the Chinese market aided Tesla’s third-quarter deliveries. Consequently, Tesla’s deliveries will likely increase by 4% and 6% year over year.

John Marshall, head of derivatives research at Goldman Sachs, wrote, “[Delaney] sees Tesla potentially having a cost advantage at scale vs. other Autonomous Vehicle (AV) competitors given its production volumes in the consumer business, vertical integration, and narrower sensor suite.”

The stock price has also shown confidence due to optimism surrounding Tesla’s robotaxi teaser and robust third-quarter delivery. On Monday, the stock closed at $250, up 4.93% from the previous trading day, marking its highest closing price since July 22. The year-to-date increase has also turned positive.

The Tesla stock price was around $248.48 at the beginning of the year but plummeted 44% to $138.80 by mid-April. Afterward, it rose above $260 before the second-quarter earnings announcement, but the stock price dropped sharply after the deliveries fell short.

theguru
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