Deutsche Bank reiterates its buy rating on Tesla, expecting lower than expected delivery volume in the second quarter Deutsche Bank maintains a buy rating on TSLA with a target price of $345, but expects delivery volumes in the second quarter to be lower than expected. The predicted sales volume is 355000 units, while the market expectation is about 380000 units, a year-on-year decrease of 20%. The EU's performance is weak, the North American market is stable, and the Chinese market has decreased by 9% year-on-year. It is expected that the delivery volume will decrease by more than 10% to approximately 1.6 million vehicles by 2025. The delayed delivery of Q-type cars may drive sales growth to the fourth quarter.