By Sam Boughedda
Investing.com -- Tesla Inc (NASDAQ:TSLA) reported its first-quarter delivery numbers on the weekend, and its shares are edging higher in early Monday trading.
At the time of writing, Tesla stock is up 1%.
The company produced over 305,000 vehicles in Q1 and delivered more than 310,000 vehicles. The company said this was despite supply chain challenges and factory shutdowns.
However, the number missed Wall Street consensus estimates of around 315,000.
Following the data release, Piper Sandler analyst Alexander Potter said he is "firmly Overweight" Tesla shares. The analyst said in a note that Street estimates likely didn't capture the full impact of the Covid-19 related lockdown in Shanghai. Nevertheless, the delivery number beat Piper's 294,000 expectation.
Deutsche Bank's Emmanuel Rosner said in his note that the delivery numbers were "solid" but missed his estimate of 320,000, which is likely due to the Shanghai lockdown. However, he added that Tesla is on track to achieving 1.5 million units in 2022. Commenting on the supply chain challenges, Rosner said the company "weathers it considerably better than the rest of the autos industry."
BofA analyst John Murphy maintained a Neutral rating and a $1,100 price target on Tesla shares following the delivery report, which beat his 294,567 estimate. The analyst wrote in a note that while Tesla has a first-mover advantage, it remains unclear whether it will be dominant in the longer term. However, the analyst believes the company's "relatively high stock price is justified" if it can keep funding its growth with "almost no-cost capital driving capacity expansion."