Analysts adjust their target for Teslas stock price
The stock market performance of Tesla Motors (NASDAQ: TSLA) since the beginning of 2024 has been quite volatile. The company, once a leader in the electric vehicle (EV) industry, has been surpassed by the Chinese EV maker BYD, and has experienced a significant downturn in its stock. At present, its shares are down by 26.42% at a price of $182.72.
Despite these challenges, Tesla managed to avoid disaster after its recent earnings report. Though the figures were disappointing, they were not as weak as expected, leading to a temporary recovery and a break from its downward trend.
Elon Musk, the CEO of the company, has made efforts to improve Tesla’s outlook with a marketing blitz. He announced the unveiling of a ‘Robotaxi’, later called the ‘Cybercab’, on August 8. Musk also made bold claims regarding Tesla’s self-driving developments and suggested that the company should be seen as a robotics and artificial intelligence (AI) company. Additionally, he announced a new ‘master plan’ for the company, which is said to be “epic”.
These announcements and the apparent recovery of Tesla’s stock have led to a flood of updates to analysts’ assessments of the company and its prospects. Several analysts have revised their ratings and price targets for Tesla, with most being bullish. However, GJL Research, a firm highly critical of Musk’s statements, maintains a bearish outlook and a low price target for Tesla.
