Though generally strong with a 22.52% 30-day rise, September has been anything but dull for the stock of Elon Musk’s electric vehicle (EV) maker, Tesla Motors (NASDAQ: TSLA).
The word of the day and the major driver of TSLA shares’ rally to their latest closing price of $258.02 has been the conversations surrounding the firm’s self-driving technology and the upcoming ‘Cybercab’ event.
The upcoming event – along with the deliveries preview – has prompted several prominent analysts to revise their forecasts for TSLA stock, and Finbold examined their most recent opinions to help investors gauge what they can expect of the EV maker in the coming 12 months.
Picks for you
Street experts set Tesla stock price target for the coming 12 months
To begin with, though the FSD developments have created and air of optimism on Wall Street, Tesla’s woes throughout 2024 have somewhat soured the expert consensus about the firm’s stock.
TSLA shares, at press time on October 2, 2024, boast a ‘neutral’ rating on the stock analysis platform TipRanks. Out of the 35 represented analysts, 16 are ‘neutral’ on Tesla, 12 recommend buying the stock, and 7 selling.
The consensus 12-month price target is likewise slightly bearish as it predicts TSLA stock will decline 18.26% and fall to $210.91 within the time frame.
The lowest target, assigned by the prominent Tesla bear Gordon Johnson of GJL Research, would even see a plunge to $24.86.
On the flip side, the most optimistic forecast would see a major rally to $310. Said prediction was assigned by Piper Sandler on September 26, and was built on bullish expectations for the third-quarter delivery figures.
Additionally, though he did not provide an exact target, Wedbush’s Dan Ives also expressed his bullishness on on September 30 when he described Tesla as the most undervalued artificial intelligence (AI) company in the market.
Experts cautious despite Tesla ‘Cybercab’ optimism
Much like the broader estimates, the most recent Tesla stock ratings have been mixed.
On September 30, Cantor Fitzgerald reiterated its ‘neutral’ rating and the associated $245 12-month forecast, while Wells Fargo (NYSE: WFC) proved even more bearish as it set its sights on a 50% drop to $120.
Wells Fargo analysts explained at the time they expect lower factory growth driven by declining demand, and they explained they see possible downward pressure arising from Tesla’s price cuts.
Finally, Barclay’s proved cautiously optimistic on September 30 as the banking giant set its TSLA stock price target at $220 and assigned an ‘equalweight’ rating to the company.
Tesla Q3 deliveries unlikely to sway analysts
Despite the bullish expectations cited by firms like Piper Sandler, Tesla’s Q3 report is unlikely to rapidly sway the overall cautious consensus. Indeed, the EV maker failed to meet expectations as it, shortly before the opening bell on October 2, announced it had produced 469,796 vehicles and shipped 462,890.
Though the miss was not large – the general expectation was that Elon Musk’s firm would deliver 463,310 vehicles during the quarter – it had an immediate effect as it dampened the 30-day chart with a 4.44% dip to $246.56 in Wednesday pre-market.
