Tesla (NASDAQ: TSLA) has managed to close positively in 11 of the last 12 trading sessions on Wall Street. This impressive performance has prompted Citi to elevate its price target for Tesla shares, considering burgeoning opportunities in both the electric vehicle and artificial intelligence sectors.
Even after yesterday’s market drop, attributed to the delayed Robotaxi unveiling event, Citi has adjusted its price target from $182 to $274 while keeping a Neutral rating on the stock.
Strong Near-Term Outlook
Citi analysts are increasingly optimistic about Tesla’s short-term prospects, highlighted by a 40 percent surge in the Tesla stock over the past month. This uptick is primarily driven by a recent earnings beat, robust results from Tesla’s energy division, and promising developments in the EV and AI arenas.
Beyond Core EV Fundamentals
Notably, the rise in Tesla’s stock price isn’t solely rooted in “core EV fundamentals.” Significant progress and innovation in both automotive and artificial intelligence realms will be crucial. Citi notes:
“The Q2 delivery beat was also encouraging, which prompts increased estimates and supports Citi’s underlying call for improving EV sentiment this summer. However, the firm believes core EV fundamentals alone are unlikely to support significantly further upside from here in Tesla shares absent new product and AI catalysts.”
Future Prospects and Developments
Tesla’s pipeline looks promising, with a next-gen platform that will underlie both the Robotaxi and another new vehicle. Rumors also suggest potential future additions, such as a van.
Importantly, Tesla is engaged in discussions with a major automaker about licensing its Full Self-Driving technology, a move that could further cement its leadership in autonomous driving.
Robotaxi Unveiling Event
While Tesla’s execution and timeline for new products remain uncertain, the much-anticipated Robotaxi unveiling event is now questionable for August, according to recent reports.
At 11:30 a.m. EST today, Tesla shares were up over 3 percent, indicating strong investor confidence despite recent uncertainties.
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15 Comments
if they’ll ever come out with it…
Oh great, because we all needed another reminder that Tesla is doing ‘alright’. I’m totally convinced now, thanks Citi.
Yeah, because a 40% surge is just a ‘meh’ kind of thing, right?
Wow, from $182 to $274? What a leap. Must’ve taken them ages to come up with those numbers.
Ai and EV, the magic words to pump the stock. Genius, absolute genius
Delayed events always make me feel soooo good about investing. Thanks, Tesla.
A van? That’ll totally change the game. Because everyone wants to drive a van.
Cementing leadership in autonomous driving by never actually showing anything. Classic move!
Tesla’s ‘promising pipeline’ always happen to be just rumors. How convenient.
Strong investor confidence? Because nothing says reliable like constant uncertainty about timelines.
Wow, Tesla is really on a roll! 11 out of 12 sessions! Kudos to the team for such consistent gains.
Oh great, another stock hype. Just wait until they miss another product deadline, then we’ll see the true colors.
Interesting how the stock is up despite the Robotaxi delay. Shows strong underlying investor confidence in Tesla’s long-term strategy.
Tesla’s stock going up but for how long tho? If they dont bring out new products, its gonna be hard to keep this momentum.
Oh sure, let’s all bank on ‘promising developments’. Because promises have always worked so well in stock markets, right? *rolls eyes*