Analysts across Wall Street have revised their ratings and price targets on Tesla (TSLA) stock after the electric vehicle maker reported its third-quarter financial results on October 23.
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There continues to be a wide variety of ratings and price targets for Tesla following the company’s Q3 print, as Wall Street views of the company and its stock remain divided between bulls and bears. TSLA stock continues to be polarizing, with a huge range of opinions on the direction of the share price.
Price targets now range from a low of $135 a share from analysts at JPMorgan Chase (JPM) to a street high of $310 per share at Morgan Stanley (MS). Some analysts saw the Q3 results and comments from CEO Elon Musk as encouraging, while others continue to raise red flags about the company and stock.
Here is a round-up of analyst re-ratings on TSLA stock after the company’s Q3 financial results.
Bullish Outlooks on TSLA Stock
Bank of America (BAC) raised its price target on TSLA stock to $265 from $255 and reiterated a Buy rating on the shares. The bank said Tesla exceeded expectations “across the board” and praised the company’s improved gross margin, lower costs, and increased regulatory credits.
Morgan Stanley called the Q3 results “one of the strongest Tesla prints in a while” and said it could mark a bottom in sentiment towards the stock. As a result, Morgan Stanley reiterated its Buy rating on TSLA stock and its price target of $310 per share.
Bearish and Neutral Views on Tesla
Analysts at Guggenheim raised their target on Tesla stock to $156 from $153 but maintained a Sell rating on the shares, saying it continues to have questions about Tesla’s vehicle sales and that the company has provided limited details about sales of its Cybertruck.
JPMorgan also remains bearish on TSLA stock. The bank lifted its price target on the company’s shares to $135 from $130 but reiterated its Sell rating. In a note to clients, JPMorgan said that Tesla’s Q3 earnings growth comes after six consecutive quarters of declines and that much of the growth was due to regulatory credits.
It’s worth noting that both Barclays (BCS) and Goldman Sachs (GS) maintain Neutral ratings on Tesla stock. Barclays kept a $220 price target on Tesla’s shares, while Goldman Sachs raised its price target to $250 from $230 previously.
TSLA stock has risen 9% so far in 2024. The company’s share price gained more than 20% after its Q3 results were made public.
Is TSLA Stock a Buy?
According to TipRanks, Tesla stock currently has a consensus Hold rating among 35 Wall Street analysts. That rating is based on 11 Buy, 16 Hold, and eight Sell recommendations assigned in the last three months. The average TSLA price target of $207.83 implies 23.56% downside risk from current levels.
