Ark Invest predicts Tesla stock could increase 990% by 2029 due to AI opportunity

From Nasdaq: 2024-09-22 05:27:00

Cathie Wood of Ark Invest sees Tesla as a major AI opportunity due to new self-driving technology. Ark predicts Tesla stock could hit $2,600 by 2029, a 990% increase. Tesla delivered 1.8 million vehicles in 2023, with analysts projecting 2.2 million this year. Sales have declined due to softening EV demand, competition, and falling automotive gross profit margins. Tesla’s earnings per share fell 46% in Q2 2024, raising concerns about its overvalued stock price. Ark’s ambitious revenue forecast for Tesla may not be realistic given current challenges. Consider other stock options before investing in Tesla. The Motley Fool’s Stock Advisor team has identified 10 potential growth stocks that could outperform Tesla in the coming years.



Read more at Nasdaq: 1 Unstoppable Stock With 990% Upside, According to Cathie Wood’s Ark Invest