Analysts Adjust Tesla Stock Price Targets Ahead of Robotaxi Event
Tuesday, Oct 8, 2024 7:35 pm ET
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As Tesla (TSLA) prepares for its highly anticipated robotaxi event on October 10, analysts have been updating their price targets, reflecting their expectations for the company's future growth and the potential impact of the event. The event, which was initially scheduled for August, is expected to unveil Tesla's autonomous taxi and provide updates on its production, rollout, and operational costs.
Analysts' expectations for the robotaxi's production, rollout, and operational costs have a significant impact on their price targets. Deutsche Bank and Wedbush analysts, for instance, expect to see a demo of the vehicle, along with projections on its production, availability, and operational costs. They also anticipate updates on Tesla's ride-sharing app and other products.
The potential new lower-cost model and other product updates are also influencing analysts' stock price targets. Wedbush analysts, who have an "outperform" rating with a $300 price target, believe that Tesla is the most undervalued AI name in the market and see the robotaxi unveiling as a "seminal and historical day" for the company.
Analysts' assessments of Tesla's self-driving software and regulatory approval prospects also play a crucial role in their price targets. The progress towards full self-driving software and regulatory approval for the robotaxi to operate without a driver is expected to be a key focus at the event.
Analysts' opinions on Tesla's overall growth trajectory and market position further influence their stock price targets. Despite the division among analysts, with nine "buy," seven "hold," and three "sell" or equivalent ratings, the average price target of $219.78 is roughly 10% below its Monday intraday price.
The robotaxi event and Tesla's third-quarter financial results later this month are expected to serve as catalysts for the stock. Analysts anticipate seeing a demo of the autonomous taxi, a prototype, and progress towards full self-driving software approval. Additionally, they expect updates on a lower-priced Tesla vehicle and other projects like the Optimus humanoid robot.
As the robotaxi event approaches, investors and analysts alike await the potential impact on Tesla's stock price. The event could provide valuable insights into Tesla's future growth prospects and solidify its position in the competitive electric vehicle market.
Analysts' expectations for the robotaxi's production, rollout, and operational costs have a significant impact on their price targets. Deutsche Bank and Wedbush analysts, for instance, expect to see a demo of the vehicle, along with projections on its production, availability, and operational costs. They also anticipate updates on Tesla's ride-sharing app and other products.
The potential new lower-cost model and other product updates are also influencing analysts' stock price targets. Wedbush analysts, who have an "outperform" rating with a $300 price target, believe that Tesla is the most undervalued AI name in the market and see the robotaxi unveiling as a "seminal and historical day" for the company.
Analysts' assessments of Tesla's self-driving software and regulatory approval prospects also play a crucial role in their price targets. The progress towards full self-driving software and regulatory approval for the robotaxi to operate without a driver is expected to be a key focus at the event.
Analysts' opinions on Tesla's overall growth trajectory and market position further influence their stock price targets. Despite the division among analysts, with nine "buy," seven "hold," and three "sell" or equivalent ratings, the average price target of $219.78 is roughly 10% below its Monday intraday price.
The robotaxi event and Tesla's third-quarter financial results later this month are expected to serve as catalysts for the stock. Analysts anticipate seeing a demo of the autonomous taxi, a prototype, and progress towards full self-driving software approval. Additionally, they expect updates on a lower-priced Tesla vehicle and other projects like the Optimus humanoid robot.
As the robotaxi event approaches, investors and analysts alike await the potential impact on Tesla's stock price. The event could provide valuable insights into Tesla's future growth prospects and solidify its position in the competitive electric vehicle market.