Texas, the largest beneficiary of a $5 billion program aimed at electrifying U.S. highways, has thrown its weight behind Tesla’s (NASDAQ:TSLA) technology. The Lone Star State has greenlit its plan, making it mandatory for electric vehicle (EV) charging stations to incorporate Tesla’s tech to qualify for federal funds. This move, watched with bated breath by other states, aligns with Elon Musk’s vision of standardizing Tesla’s charging technology nationwide.
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However, some charging entities expressed apprehension about Tesla’s tech, worrying about its impact on EV charger deployment. After some contemplation, Texas officials sealed the deal unanimously, envisioning a cohesive charging landscape for almost all EVs in the state.
Turning to Wall Street, analysts have a Hold consensus rating on TSLA stock based on 10 Buys, 13 Holds, and five Sells assigned in the past three months, as indicated by the graphic above. Nevertheless, the average price target of $253.77 per share implies 12.49% upside potential.