As Tesla Inc. (NASDAQ: TSLA) stock attempts to regain a macro uptrend, several Wall Street analysts have reiterated their bullish outlook for the coming 12 months.
On Thursday, July 2, five Wall Street analysts reiterated their bullish outlook on Tesla stock over the next 12 months. William Stein, an analyst at Truist Securities, raised his 12-month price target for Tesla stock from $400 to $430 but reiterated a ‘Hold’ rating.
Andrew Percoco, an analyst at Morgan Stanley (NYSE: MS), maintained a Hold rating for TSLA stock. Percoco set his 12-month price target for Tesla shares at $415.
Jed Dorsheimer, an analyst at William Blair, reiterated a Hold rating for the company but did not issue a 12-month price target. Rajat Gupta, an analyst at JPMorgan Chase & Co. (NYSE: JPM), maintained a Hold rating for Tesla stock and set a 12-month price target of $475.
Meanwhile, Tom Narayan, a Wall Street analyst at RBC Capital, maintained a Buy rating for TSLA shares. Narayan set his 12-month price target for Tesla stock at $475.
Why are Wall Street analysts bullish on Tesla stock?
Wall Street analysts may be signaling bullish sentiment for Tesla shares after the company posted strong second-quarter results. On July 2, Tesla announced that it produced 451,758 vehicles and delivered 480,126 units during the past three months.
Ahead of this month’s Tesla earnings call, Cathie Wood’s Ark Invest purchased 96,935 TSLA shares. Wall Street analysts could also be betting on a bullish outlook for the company after the National Highway Traffic Safety Administration (NHTSA) said Model Y passed its safety rating.
TSLA share performance and forecast
Following the recent rating review of Tesla shares, the company’s stock had an average 12-month price target of $404.86, according to TipRanks.
Amid the moderate Buy rating from Wall Street analysts, TSLA shares have dropped 10% year to date (YTD), trading at $393.45 at press time. As such, the company had a market capitalization of approximately $1.5 trillion.
With TSLA shares signaling a potential reversal since early April, the analyst’s forecast could be met in the near term.
