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These are the two things driving Tesla stock, analyst says

Barclays has raised its forecast for Tesla (TSLA) third-quarter deliveries to 470,000 vehicles, significantly above Wall Street’s forecast of 461,000. This bullish outlook is driving Tesla’s stock higher. Barclays Senior Equity Research Analyst Dan Levy joins Morning Brief to discuss his forecasts. Levy identifies “two streams” currently driving Tesla’s stock: fundamental data and “the excitement around the EV, AI story.” He notes that Tesla has recently achieved “stability on fundamental data,” which contributes to his bullish delivery outlook for the third quarter. Additionally, the EV, AI story is gaining momentum as the October 10 robotaxi event approaches. Levy does raise one concern, however: Tesla’s lofty valuation. “There’s a valuation issue here that I think some people are uncomfortable with. That’s what supports our Equal Weight Rating,” he explains. “We’re thinking about things like autonomous (driving), which is going to be the centerpiece of the robotaxi day. There’s a very long time frame to really, really monetize the value of that.” For more expert insight and the latest market action, click here to watch this full episode of Morning Brief. This post was written by Angel Smith