Tesla Inc. stock experienced a significant rise of 2.68% on Tuesday during pre-market hours. This uptick was driven by a combination of factors, including a revised price target from Morgan Stanley and advancements in Tesla’s Full Self-Driving (FSD) technology.
Factors Contributing to the Rise
Several key factors contributed to the rise in Tesla’s stock price:
- Morgan Stanley’s Revised Price Target: Morgan Stanley elevated Tesla’s price target from $400 to $430, with a bullish scenario reaching $800. The firm cited potential growth in autonomous rideshare and robotaxi services as key factors.
- Advancements in FSD Technology: Tesla enthusiast Gary Black highlighted the advancements in Tesla’s FSD technology, including a 750% increase in efficacy, achieving 724 miles per disengagement on highways.
Additional Gains
Additional gains were fueled by:
- Positive Reviews of Updated Model Y: The updated Model Y received positive reviews, contributing to the increase in stock price.
- Improvements in FSD Technology: Significant improvements in Tesla’s FSD technology, including the updated version 13.2, showed a remarkable increase in efficacy.
Sales Data
Tesla sold 12,991 Cybertrucks in the fourth quarter of 2024 in the U.S., bringing the total for the year to 38,965 units. The company began delivering the Cybertruck in late November 2023, making 2024 its first full year of deliveries for the vehicle.
Conclusion
The combination of factors, including the revised price target from Morgan Stanley and advancements in FSD technology, contributed to the significant rise in Tesla’s stock price. As the company continues to innovate and improve its technology, investors will be watching closely to see how the stock performs in the future.