In Defiance of Recent Rhetoric, 1 Wall Street Analyst Says Tesla Stock Still Has 88% Upside
These are tough times for (NASDAQ: TSLA) shareholders. The stock is down 60% from its 2021 peak, and trading near 52-week lows thanks to a recent wave of lowered price targets. The electric vehicle (EV) maker faces stiff competition now and failed to deliver as many EVs as analysts expected in Q1.
One analyst, however, still believes in the EV manufacturer's long-term potential. While Morgan Stanley's Adam Jonas did lower his price target on Tesla stock from $320 to $310 this past week, his new target suggests shares will climb 88% higher over the next 12 months.
Although Tesla reclaimed the title of the world's biggest electric vehicle maker (as measured by total cars delivered) in Q1, it temporarily lost that title to BYD in the final quarter of 2023. And, even the first quarter's reclamation of this top spot is tainted. Tesla's total EV deliveries fell from 422,875 in Q1 2023 to 386,810 cars last quarter, missing the consensus expectation of 454,200 units. It all points to fading demand, manufacturing challenges, or both. That's why it's not surprising Tesla stock's turned into a proverbial punching bag of late.
Source Fool.com
Tesla Inc Stock
Our community is currently high on Tesla Inc with 76 Buy predictions and 27 Sell predictions.
With a target price of 247 € there is a positive potential of 27.5% for Tesla Inc compared to the current price of 193.72 €.