Stifel analyst predicts Tesla stock will reach $265 due to strong demand and growth potential

From Nasdaq: 2024-06-27 11:02:49

Tesla stock (NASDAQ: TSLA) has seen a 21% decline in 2024, but has risen by 17% since the first-quarter earnings report. Stifel initiated coverage with a buy rating and a $265 price target, expecting strong demand for updated models to drive growth.

Tesla aims to reduce vehicle costs to sustain demand amidst growing competition. The transition to a new manufacturing system may slow production, but will increase affordability for consumers. Stifel forecasts robust growth and greater revenue contribution from AI-based self-driving software.

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Read more at Nasdaq: Is Tesla Stock Going to $265? 1 Wall Street Analyst Thinks So.