With President Trump’s recent budget bill rocking the automotive industry, Wall Street analysts are adjusting their ratings and price targets for two of the most closely watched electric vehicle (EV) stocks: Tesla (NASDAQ: TSLA) and Lucid Group (NASDAQ: LCID).
TSLA price target as high as $500
Tesla projections have generally been quite optimistic this week. On July 21, for example, Piper Sandler and Cantor Fitzgerald reiterated their “Buy” ratings, although the latter lowered the target price from $355 to $335.
On the same day, Bank of America reiterated its “Hold” rating while raising the target from $305 to $34, implying a 2.68% upside.
Yesterday, on July 22, Wedbush and Roth MKM also reiterated their “Buy” ratings while maintaining their target prices of $500 and $395, respectively.
Considerably more bearish, GLJ Research doubled down on its “Sell” rating on the same day, suggesting a price target of $19.05, which indicates a -94.26% downside.
At press time, TSLA shares were trading at $333.24, having gained 3.31% in the last five days. Based on a total of 34 rankings on TipRanks, the average target price for the next 12 months is $299.52, indicating an expected 10.12% downside.
However, the most bullish projections suggest the price could go as high as $500, while the lowest prediction sees it sinking as low as $19.05.
LCID price target as high as $7
Lucid price projections were exponentially different and varied last week compared to Tesla.
On July 17, Morgan Stanley, Bank of America, and Benchmark Co. all reiterated their diverse “Hold,” “Sell,” and “Buy” ratings, respectively. Benchmark Co. also upgraded its target price from $5 to $7.
TD Cowen reiterated its “Hold” rating and target price of $2.3 on July 18, while Stifel Nicolaus lowered the projected price from $3.04 to $4 on July 20, maintaining the “Hold” rating.
At the time of publication, LCID stock was priced at $3.14, up 4.82% in the past five days, with the average target price for the next 12 months sitting at $2.91, implying a potential 7.32% decline from current levels.
The most bullish prediction sees the price hitting the $7 mark, while the most bearish one sets the price at $1.
Featured image via Shutterstock
