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Does Tesla's Delivery Miss Matter To Wall Street?

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Tesla Motors Inc TSLA 2.4% shares fell as much as 2.8 percent after the company reported lower-than-expected deliveries for the first quarter, due to parts shortage for Model X from suppliers.

Of note, shares have recovered on Tuesday and are up 2.4 percent.

The company reported 14,820 deliveries for the first quarter, below the guidance of 16,000 despite a 50 percent year-on-year increase in deliveries. Deliveries for Model S stood at 12,420, while for Model X were 2,400.

Does The Miss Matter To The Street?

FBN Securities – Outperform, TP $325

"In any case, the near-term results are rather meaningless compared to the huge Model 3 opportunity ahead. TSLA has had preorders of ~276K so far (and counting) for this device, so we believe that the key challenge for the company will be on the production side vs. the demand side," the firm...