Tesla Stock Analysis
Tesla’s stock witnessed a significant surge following a tumultuous week filled with speculation regarding the company’s next moves. The frenzy began when Reuters reported on Friday that Tesla had scrapped plans for its long-promised next-generation $25,000 vehicle, the Model 2, in favor of focusing on developing its self-driving robotaxi platform.
Tesla CEO Elon Musk refuted the report, calling it and announced that the Tesla robotaxi would be unveiled on August 8, 2024.
Analysts have offered varied perspectives on Tesla’s strategic shifts. Morgan Stanley’s (Analyst Rank#1) Adam Jonas emphasized the significance of the Model 2 for Tesla’s growth narrative, noting its potential to drive substantial unit volume and revenue, but showed concern that Tesla’s pivot towards prioritizing its robotaxi platform could soften investor confidence in the shorter term
Canaccord Genuity’s (Analyst Rank#26) George Gianarikas highlighted Tesla’s increasing focus on autonomy, suggesting that the company’s long-term prospects hinge on its success in this area.
Looking ahead, Tesla’s first-quarter earnings report on April 23 will likely provide more clarity on the company’s plans and financial performance. Until then, investors and enthusiasts alike will continue to scrutinize every development and statement from Elon Musk for clues about Tesla’s next moves.
TSLA Stock Forecast
The current outlook for Tesla Inc’s stock is mixed, as reflected in the assessments from various analysts and stock analysis platforms. Based on forecasts from 28 analysts, the average target price for Tesla Inc over the next 12 months is USD 235.49, suggesting potential upside from its last closing price of USD 164.90. Additionally, the average analyst rating for Tesla Inc is Buy, indicating a positive sentiment among analysts regarding the stock’s prospects.
Stock Target Advisor’s own analysis of Tesla Inc presents a slightly bullish outlook, considering both positive and negative signals. Despite nine positive signals, there are also five negative signals that contribute to this assessment. This suggests that while there are reasons for optimism, there are also factors that could potentially hinder Tesla Inc’s performance in the near future.
In terms of recent performance, Tesla Inc’s stock price has experienced volatility, with declines of -6.19% over the past week, -7.70% over the past month, and -10.89% over the last year. These fluctuations indicate the influence of various factors such as market sentiment, company announcements, and broader economic conditions on Tesla Inc’s stock price.
