Tesla sees biggest drop in four months after deliveries report underwhelms

Tesla (NASDAQ:TSLA) peeled off 8.6% on Monday to mark the biggest drop for the electric vehicle stock in four months.

The selling pressure followed Tesla (TSLA) reporting Q3 deliveries below expectations.

Oppenheimer thinks the selloff may be overdone. Analyst Colin Rusch noted TSLA continues to raise prices and that custom configurations have estimated delivery dates of late Q1 and Q2 of 2023. The Oppenheimer team anticipates manufacturing margins will remain robust for Tesla (TSLA) and Q4 deliveries could surprise to the upside.

“We would be buyers on weakness,” tips the firm.

Shares of TSLA are now down 39% on a year-to-date basis.

Read an early preview of Tesla’s Q3 earnings report.