Multiple analysts have recently raised their price targets for Tesla (TSLA) stock, following a notable bullish shift in their ratings. This upward trend has been triggered by positive developments within the company, including its advancements in autonomous driving technology.
What’s Driving the Bullish Sentiment?
Bank of America Securities has raised Tesla’s price target from $350 to $400, maintaining a “buy” rating. This move comes after Senior Automotive Analyst John Murphy visited Tesla’s gigafactory in Texas and took a test ride using the company’s full self-driving (FSD) driver assistance software version 13.2. Murphy expressed his impressive experience with the technology, citing its ability to navigate challenging scenarios.
Murphy is also optimistic about Tesla’s future plans, including the launch of a low-cost EV next year and the development of its humanoid robot called Optimus. These advancements are expected to drive growth in the company’s stock price.
Roth MKM’s Shift from Bearish to Bullish
Roth MKM analyst Craig Irwin, who had been bearish on Tesla for a long time, recently raised the company’s price target by 347% to $380 and upgraded the rating to a “buy.” Irwin cited the abundance of positive catalysts and the lack of negative ones, leading him to believe that the market cap will continue to grow.
Other Analysts’ Ratings
Guggenheim, on the other hand, raised the target price on Tesla from $156 to $175, maintaining a “sell” rating. Despite these varying ratings, the overall consensus remains positive, with the highest price target being $411.
Current Price Action
Tesla shares closed up 3.2% at $369.49 on Thursday, reflecting a year-to-date growth of nearly 49%. The recent analyst ratings have an average price target of $318.33, implying a 13.8% upside.
Charts and Ratings
| Analyst Firm | Price Target | Rating |
|---|---|---|
| Bank of America | $400 | Buy |
| Roth MKM | $380 | Buy |
| Guggenheim | $175 | Sell |
Disclaimer: The information provided in this article is for general purposes only and should not be considered as investment advice. Always conduct thorough research and consult with a financial advisor before making any investment decisions.
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