Tesla (TSLA) delivered higher-than-expected Q3 auto deliveries, but offered no updates on its AI projects like Full Self-Driving and Optimus projects, Truist Securities said in a note Friday.

Tesla delivered 486,532 units in Q3, 6% above consensus, the note said. It said energy storage deployments missed consensus.

"We view AI developments as far more important than auto deliveries for TSLA's long-term cash generation and stock performance," the report said.

Truist kept its hold rating with a price target of $370.

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