Tesla Motors’ stock market performance since the beginning of 2024 has been tumultuous. The company, once a leader in the electric vehicle (EV) industry, was surpassed by Chinese EV maker BYD and suffered a significant stock downturn, resulting in a 26.42% decline in its share price to $182.72 by press time. Despite these challenges, Tesla managed to avoid disaster after its recent earnings report, leading to a temporary recovery and a break from its downward spiral.
Elon Musk, the CEO of Tesla, played a significant role in improving the company’s outlook through a series of announcements and marketing efforts. Musk revealed plans for a ‘Robotaxi,’ later referred to as the ‘Cybercab,’ set to be unveiled on August 8. He also made bold statements about Tesla’s self-driving developments and suggested that the company should be seen as a robotics and artificial intelligence (AI) company. Additionally, Musk announced a new ‘master plan’ for the company, described as ‘epic.’
These developments prompted analysts to revise their assessments of Tesla and its future prospects. Cantor Fitzgerald’s Andres Sheppard reiterated his ‘buy’ recommendation and predicted a climb to $230 for Tesla’s stock. Other analysts, including Wedbush and Morgan Stanley, also maintained bullish outlooks for TSLA shares, setting price targets at $275 and $310, respectively. However, not all analysts were as optimistic. RBC Capital lowered its price forecast from $293 to $227, and Goldman Sachs took a neutral stance with a price target of $175.
Despite the positive revisions from some analysts, GJL Research, known for its skeptical views of Musk’s statements, remained highly bearish on Tesla. The CEO of the analysis company reaffirmed a ‘sell’ rating and predicted a price target of $22.86, indicating an 87.49% potential crash for TSLA.
It is essential to note that the content of this article should not be considered investment advice, and investing always carries some risk.
