TSLA - Is Tesla Stock Going to $265? 1 Wall Street Analyst Thinks So.
2024-06-27 11:02:49 ET
Tesla (NASDAQ: TSLA) stock is down 21% in the first half of 2024 amid falling automotive revenue. But the stock is up 17% since the release of its first-quarter earnings report, and Wall Street analysts are starting to look ahead to potentially improving demand in the near term.
Stifel initiated coverage of the stock with a buy rating and a price target of $265, representing upside of 35% from the current share price of $195.55. The firm bases its price target on the expectation that the updated Model 3 and Model Y should see strong demand and return the company to growth.
With competition increasing in the electric car market, Tesla is working to drive down the costs of its vehicles to maintain healthy demand. Increasing mass adoption of its cars has been a long-term goal of the company, but the recent spike in interest rates made this a more urgent need to keep automotive revenue growing. After reporting a 15% increase in auto revenue in 2023, Tesla reported a 13% year-over-year decline in the first quarter.
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Is Tesla Stock Going to $265? 1 Wall Street Analyst Thinks So.