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Wall Street sets Tesla stock price for next 12 months

Wall Street sets Tesla stock price for next 12 months

After it released the delivery figures for the final quarter of 2023 – and for the entire year – Elon Musk’s electric vehicle (EV) maker Tesla (NASDAQ: TSLA) appeared set to shoot for a new all-time high having broken records and surpassed expectations.

Things, however, turned out quite differently as the struggles of the EV winter and its low demand and high competition environment led TSLA to become the worst-performing S&P 500 stock so far in 2024.

Tuesday, April 2, offered yet another hit to the beleaguered EV as it reported its delivery figures for the first quarter of 2024. 

While they may not be too surprising given the early warning that came from the fact that Elon Musk’s EV maker sold only 1 vehicle in South Korea in January, the figures still significantly underperformed compared to expectations.

Indeed, having delivered 386,810 vehicles, Tesla recorded a significant drop from the final quarter of 2023 – and, indeed, from every quarter of 2023 – and its worst quarter since Q3 2022.

With the company’s ongoing woes in mind, Finbold decided to explore whether experts and analysts see a new dawn for Tesla, or little other than doom and gloom.

12-month price target for Tesla stock

The issues plaguing both Tesla and the broader EV sector in 2024 have had a significant bearing on experts’ attitudes toward the firm. Indeed, data retrieved from the stock analysis platform TipRanks, on April 3 indicate that analysts are generally neutral on the company.

Out of the 35 provided ratings, as many as 19 rank TSLA stock as a “hold,” 9 as a “buy,” and 7 as a “sell.”

The price targets are, however, slightly more positive as, even with the lowest price target of $23.53 assigned by GLJ research affecting the calculation, the average forecast predicts a 19.26% climb to $198.72.

TSLA analyst rating. Source: TipRanks

The fact that the highest target – assigned by Morgan Stanley (NYSE: MS) in mid-March – which stands at $320 constitutes a decrease from the previous TSLA prediction of $345 made by the same institution is highly indicative of the issues Tesla is gripped by.

Tesla stock price chart

While there is still much room for Tesla to recover in the coming months and years, its recent performance has been, to put it bluntly, very weak. In the last 12 months, TSLA shares declined 14.45%, and, year-to-date (YTD), they dropped 33.30%.

TSLA stock YTD price chart. Source: Finbold

More recent performance – especially when paired with the most recent delivery figures – gives little room for short and mid-term optimism. In the last 30 days, TSLA shares are down 11.43%, they fell 6.68% in the stock market in the last full trading week and closed 4.90% in the red on Tuesday, April 2, at $165.70.

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