As Tesla (NASDAQ: TSLA) continues to be one of the most highly sought-after stocks in the market, investors closely monitor the latest ratings and assessments from Wall Street experts, scrutinizing every detail to gather clues about the company’s potential future price targets.
On March 13, Wolfe Research analyst Rod Lache was the latest Wall Street expert to downgrade the stock citing bank failures as a rationale for lowering his rating of Tesla shares from Outperform to Peer Perform while keeping his price target at $185.
A possible reduction in loan availability and a worsening of the macro environment are two concerns the analyst brought up in light of the recent demise of Silicon Valley Bank (SVB). Lache added that the failure of SVB Financial might lead to an implosion in the technology industry and a lending restriction.
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“We’re still convinced of Tesla’s improved cost trajectory, which should propel impressive growth over time. However, we’ve also become incrementally more concerned about macro challenges.”
Tesla technical analysis
Apart from Lache, 45 analysts have given Tesla stock ratings in the last three months, with the overall average recommendation for the EV company being a ‘buy.’
Notably, 20 Wall Street analysts recommended a ‘strong buy’ over the next 12 months, with four recommending a ‘buy.’ Sixteen experts recommend holding, while five recommend selling or a ‘strong sell.’
The average price forecast for TSLA stock for the next year is $197.93; the target indicates a 13.44% upside, while the highest price target over the next year is $320, +83% from its current price.
Meanwhile, Tesla’s technical indicators on TradingView’s one-day gauges are bearish, with the summary aligning with a ‘sell’ sentiment at 14 while moving averages are for a ‘strong sell’ at 12. Oscillators are pointing at ‘neutral’ with 6.
Similarly, bullish 1-year targets were retrieved by Finbold from 33 Wall Street analysts who have made price estimates for Tesla over the next 12 months on TipRanks. The predicted prices vary significantly, ranging from $300 to $89. Based on the current price of $174.48, the average price goal implies a move of 22.08%; at $213.00, the average price target is also optimistic.
Finally, to compare against the market experts’ forecasts, Finbold compiled forecasts from the financial prediction tool CoinPriceForecast, which used machine self-learning technology, to estimate Tesla’s price by the end of 2023. The long-term projection was collected on February 27 and predicted Tesla’s stock price would reach $248 by midyear 2023 and $360 by year’s end.
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