Tesla has seen a significant positive trend in the stock market recently, prompting Citi to upgrade its price target based on promising developments in the electric vehicle (EV) and artificial intelligence (AI) sectors.
Despite a slight setback due to the reported delay of the Robotaxi unveiling event, Tesla’s stock has shown resilience, finishing positively in 11 out of the last 12 trading days. Citi has decided to raise the price target for Tesla from $182 to $274 while maintaining a Neutral rating on the shares.
Analysts at Citi are optimistic about Tesla’s near-term outlook, attributing the recent surge in stock price to factors such as an earnings beat, strong performance in the energy division, and promising future prospects in the EV and AI markets.
While Citi acknowledges the importance of core EV fundamentals, they believe that the real boost in Tesla’s stock price will come from significant advancements in the automotive and AI sectors. The firm emphasizes the need for new product releases and AI catalysts to support further upside in Tesla shares.
One of the key developments to look out for is Tesla’s next-gen platform, which will serve as the foundation for upcoming vehicles like the Robotaxi and potentially a new van. Additionally, Tesla’s discussions with a major automaker regarding Full Self-Driving licensing could enhance its position in the autonomous driving race.
Despite the positive momentum, there are still concerns regarding the delayed Robotaxi unveiling event, which is now reportedly scheduled for August. However, Tesla’s stock has shown resilience, gaining over 3 percent on the East Coast at midday.
As Tesla continues to push boundaries in the EV and AI sectors, investors are eagerly anticipating future developments that could drive further growth in the company’s stock price.
For more information and updates on Tesla and the latest developments in the EV and AI industries, please reach out to joey@teslarati.com or follow Joey Klender on Twitter @KlenderJoey. For news tips, email us at tips@teslarati.com.
