The 2023 slowdown in the electric vehicle (EV) market seemingly failed to halt the growth of Elon Musk’s Tesla (NASDAQ: TSLA). While the firm was forced to lower prices to offset low demand, its efforts, unlike those of its competitor Lucid (NASDAQ: LCID), were largely successful.
Throughout the year, Tesla managed to set a new record when it comes to vehicle deliveries and, despite some hurdles, successfully launched its highly anticipated Cybertruck and is now eying a new factory in Gujarat, India.
It also performed well on the stock market having risen 96.81% in the last 52 weeks.
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Despite these successes, it has slowed somewhat in recent weeks, and its stock has even declined 3.61% since the markets opened on January 3, 2024. Its price stands at $235.63 at the time of publication.
Wall Street assesses TSLA stock
Despite the company successfully navigating the many challenges of 2023, Wall Street analysts are fairly mixed on Tesla’s performance over the following 12 months. The general consensus among the 30 analysts taken into account by the stock analysis platform TipRanks, TSLA, is an overall ‘hold.’
In total, 12 consider it is the right time to buy, 13 advocate holding, and 5 believe selling is the right call. When it comes to the price target, it averages at $249.92 while the lowest forecast stands at $85, and the highest sees Elon Musk’s EV maker reaching $1 trillion in market cap and a price of $380 per share.
The 48 analysts considered by TradingView paint a similar picture. According to the aggregated information, they are currently neutral on Tesla stock. Still, looking closer reveals that the experts are very divided.
Out of the 48, 15 are strongly in favor of buying TSLA shares, and another 5 also recommend investing in the company – albeit less emphatically. On the other side of the spectrum, 6 are urging people to sell the stock, while another one is simply recommending a sale.
Analysts who are neutral on how Tesla might perform in the coming year hold a plurality among those considered, as there are 21 of them.
When it comes to price target, the high end displayed by TradingView is the same as the one on TipRanks at $380. The lowest forecast, however, sees the possibility of Tesla falling as low as $53, and the average prediction comes in at $239.24.
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Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
