Tesla, the Consumer Cyclical sector company, was revisited by a Wall Street analyst today. Analyst Ben Kallo from Robert W. Baird upgraded the rating on the stock to a Buy and gave it a $548.00 price target.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Ben Kallo has given his Buy rating due to a combination of factors that highlight Tesla’s potential for future growth. Despite recent quarters where Tesla’s performance did not meet expectations, the company’s stock has shown resilience, indicating a shift in investor focus towards its long-term prospects. The introduction of a new pay package with ambitious targets for product development and market capitalization is seen as a strategic move to retain and incentivize Elon Musk, which could drive significant advancements in Tesla’s offerings.
Furthermore, Kallo notes that Tesla is increasingly perceived as a leader in physical AI, which positions it well for future success. The upcoming milestones, such as the next generation of Optimus, expansion into new markets, and the launch of new products, are expected to act as catalysts for the stock. Additionally, Elon Musk’s recent purchase of Tesla shares is viewed positively, reinforcing confidence in the company’s trajectory. Based on these factors, Kallo has raised the price target to $548, reflecting Tesla’s growth prospects and the favorable conditions ahead.
In another report released on September 17, Morgan Stanley also maintained a Buy rating on the stock with a $410.00 price target.
Based on the recent corporate insider activity of 56 insiders, corporate insider sentiment is neutral on the stock.