10:51 AM EDT, 10/02/2024 (MT Newswires) -- Tesla's (TSLA) Q3 deliveries at 462,900 deliveries were almost in line with market estimates at 463,300 and are "good and a step in the right direction," Wedbush Securities said Wednesday in a report.

"Overall, this is a clear improvement from H1, and we believe getting in the range of 1.8 million for the year is still the key and important bogey," and demand momentum indicates the company will meet the target, Wedbush said.

Wall Street's "whisper number" for Q3 was 465,000 to 470,000, and Tesla's stock fell as "investors walk away from delivery numbers expecting more," Wedbush said.

Wedbush maintained Tesla's outperform rating and $300 price target.

Tesla shares fell 5.1% in recent Wednesday trading.

Price: 244.77, Change: -13.25, Percent Change: -5.14