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Analysts revise Tesla stock price target

Analysts revise Tesla stock price target

Tesla Motors’ (NASDAQ: TSLA) stock market performance since the start of 2024 can best be described as turbulent. 

The company, once at the forefront of the electric vehicle (EV) industry, was not only overtaken by the Chinese EV maker BYD, but also experienced a severe stock downturn that saw its shares decline significantly and find themselves 26.42% in the red by press time at a price of $182.72.

TSLA stock YTD price chart. Source: Finbold

Despite the trials and tribulations, TSLA evaded disaster following the most recent earnings report as the figures – while dire – were not as weak as many anticipated and led to a temporary recovery and a break from the free fall.

Elon Musk, the company’s CEO, also did much to improve the outlook for the company with what is, at the time of publication, still primarily a marketing blitz. 

The billionaire first announced that a ‘Robotaxi’ – later also termed the ‘Cybercab’ – would be unveiled on August 8. Musk then made bold claims about Tesla’s self-driving developments and, indeed, opined that his car manufacturer should be viewed as a robotics and artificial intelligence (AI) company.

Finally, Musk announced a new ‘master plan’ for the company – his fourth since taking the helm – which is, at press time, known to be envisioned as ‘epic.’

Analysts revise Tesla stock price target

The string of announcements and the apparent end of Tesla’s 2024 free fall have brought a deluge of updates to analysts’ assessments of Elon Musk’s EV maker and its prospects.

In the last ten days alone, there have been half a dozen rating and price target revisions. Cantor Fitzgerald’s Andres Sheppard on June 24 reiterated his ‘buy’ recommendation and forecast of a climb to $230 for the stock no fewer than three times. The prediction was first issued in early May.

Other recent reassessments have been overwhelmingly bullish. Both Wedbush and Morgan Stanley (NYSE: MS) have recently confirmed they still consider TSLA shares a ‘buy,’ with the former setting the price target at $275 and the latter at $310.

RBC Capital partially broke from the trend on June 20 as it, despite maintaining a ‘buy’ rating, lowered the price forecast from $293 to $227.

The June 14 revision, made by Goldman Sachs (NYSE: GS), also broke from the banking giant’s peers as it proved ‘neutral’ with a price target of $175 – a price target that would, if reached, see TSLA drop 4.26% from its press time price. 

Tesla bullishness isn’t universal

Elsewhere, the biggest Tesla bear on the street, GJL Research – a firm that has firmly rejected Musk’s futuristic statements and instead focused on the EV maker’s history of broken and forgotten promises – remains highly bearish.

Indeed, Gordon Johnson, the CEO of the analysis company, reaffirmed not only the ‘sell’ rating but also the staggeringly low $22.86 price target – a prediction that an 87.49% crash is incoming for TSLA.

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