Tesla, the Consumer Cyclical sector company, was revisited by a Wall Street analyst yesterday. Analyst George Gianarikas from Canaccord Genuity maintained a Buy rating on the stock and has a $490.00 price target.
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George Gianarikas has given his Buy rating due to a combination of factors that highlight Tesla’s potential for growth and innovation. One of the key reasons is the anticipated increase in vehicle deliveries, supported by data from multiple countries, which marks a positive shift after several quarters of declining momentum. Additionally, Tesla’s plans to introduce new electric vehicle models are expected to boost global sales and mitigate potential declines in the US market following the expiration of certain EV tax credits.
Furthermore, the energy storage sector is poised for growth, with increasing demand for distributed generation solutions that provide power independently of the main utility grid. This trend is driven by the need for more resilient and cost-effective power solutions. Lastly, the new compensation package for Elon Musk, which includes ambitious targets, underscores his long-term commitment to Tesla and promises significant returns for shareholders if these targets are met. This combination of factors underpins Gianarikas’s optimistic outlook on Tesla’s future performance.
In another report released yesterday, Cantor Fitzgerald also reiterated a Buy rating on the stock with a $355.00 price target.