Tesla shares surged Wednesday after what Barclays called the company’s “impressive” record quarterly deliveries number, but Wall Street analysts largely remain cautious, focused on the upcoming second-quarter earnings report.
The electric vehicle maker reported delivering 95,200 cars during the second quarter, beating its previous record of 90,700 deliveries, which happened in the fourth quarter of 2018. The result also beat Wall Street’s expectation of 91,000 deliveries, according to analysts surveyed by FactSet, but met the expectation of a record quarter set by CEO Elon Musk last week.
“The Q2 delivery beat does not change our cautious view on Q2 earnings,” UBS said in a note to investors.
Despite the banner result, which sent Tesla’s stock up nearly 5.9% in trading from Tuesday’s close of $224.55 a share, analysts largely left estimates for the company’s 2019 earnings and revenue unchanged. RBC cautioned investors that Tesla did not update or reiterate its 2019 forecast, which…