Barclays forecasts a Q3 beat for Tesla, with earnings per share of 68c versus the consensus estimate of 60c. It expects Tesla to post upside driven by margin improvement, cost reductions, and potentially also from solid regulatory credit revenue. However, Barclays still believes the company’s outlook is “somewhat more uncertain.” With Tesla’s robotaxi day passed, the focus, at least for now, shifts back to fundamentals, the analyst tells investors in a research note. Barclays believes there are outstanding questions on the volume outlook and path to margin recovery, and also questions the path to unlocking value from Tesla’s emphasis on autonomous vehicle-driven growth. However, given expectations of a Q3 beat and reminder of stabilized near-term estimates, it believes the Q3 results “could be a positive near-term catalyst.” The firm keeps an Equal Weight rating on Tesla with a $220 price target

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