Truist analyst William Stein raised the firm’s price target on Tesla (TSLA) to $406 from $280 and keeps a Hold rating on the shares. The companay reported a mixed set of Q3 results but again offered no guidance, even though Tesla’s near-term auto delivery data and earnings results are “decreasingly relevant” to the company’s stock price, the analyst tells investors in a research note. Truist adds that most of the value of the shares is tied up in AI projects including FSD, robotaxi, and especially Optimus, while all of Tesla’s AI projects are also at once quite unproven and “potentially extremely valuable”.
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