Stifel Nicolaus analyst Stephen Gengaro has reiterated their bullish stance on TSLA stock, giving a Buy rating today.
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Stephen Gengaro has given his Buy rating due to a combination of factors that suggest a positive outlook for Tesla. One of the key reasons is Elon Musk’s expected reduction in time spent on other ventures, which could allow him to focus more on Tesla. Additionally, Tesla’s plan to introduce a lower-priced vehicle in the first half of 2025 is on track, potentially expanding its market reach. The company’s profitability is also supported by a decrease in the cost per vehicle, despite some challenges with fixed-cost absorption.
Another significant factor is the confidence in the rollout of Tesla’s Full Self-Driving (FSD) technology in several U.S. cities within the year, along with ongoing progress in its Robotaxi initiative. While there are concerns about demand due to weak delivery numbers and some uncertainty regarding tariffs, Tesla is well-positioned to address these issues. The firm believes that FSD and Robotaxi will be crucial drivers of value for Tesla, justifying the Buy rating with a target price of $455.
In another report released today, TD Cowen also maintained a Buy rating on the stock with a $330.00 price target.
TSLA’s price has also changed slightly for the past six months – from $217.970 to $237.970, which is a 9.18% increase.