Despite Tesla (NASDAQ: TSLA) stock generally being on an uptrend since it hit the 52-week lows in late July, Goldman Sachs (NYSE: GS) remains unconvinced that the rally can be sustained.
Specifically, analyst Mark Delaney reiterated his ‘Neutral’ rating on September 15 and retained his previous $360 TSLA share price target – just 0.96% above the last closing price of $356.58.
The report highlighted the weaker outlook for deliveries across Europe, the U.S., and China as the primary grounds for the conservative assessment, but noted that export markets strength could mitigate the downside.
Similarly, the Goldman Sachs analyst estimated that FSD – Tesla’s autonomous driving technology – could bolster demand and that the Model Y L could lead to eventual improvements.
Notably, the September 15 recommendation and price forecast are a repeat of the assessment published earlier in the month.
Wall Street predicts Tesla stock price in the next 12 months
Meanwhile, Goldman Sachs is somewhat more negative regarding Tesla stock’s prospects in the next 12 months than the Wall Street average. Overall, Elon Musk’s older public company is considered a “Moderate Buy,’ with eleven positive, twelve neutral, and two ‘Sell’ recommendations, per the data Finbold retrieved from TipRanks on September 16.
The average price target, in particular, is above Delaney’s forecast, as it anticipates Tesla stock will rise 9.05% from the latest closing price of $356.58 to $388.85.
Lastly, the six September notes proved overwhelmingly ‘Neutral,’ with Morgan Stanley, Barclays, JPMorgan, and Goldman Sachs all rating TSLA shares as such.
RBC Capital’s Tom Narajan was the bullish outlier with a ‘Buy’ recommendation and a $480 12-month price target for a 34.61% anticipated upside.
Gordon Johnson of GLJ Research – a long-standing Tesla bear – was the other outlier with a ‘Sell’ rating and the exceptionally low $24.86 forecast.
Notably, the outlook for Elon Musk’s electric vehicle (EV) maker could shift rapidly in October should the marketing that has been implying the firm is about to showcase a flying car end up matching the presentation.
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