Analyst Andres Sheppard from Cantor Fitzgerald maintained a Buy rating on Tesla and keeping the price target at $355.00.
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Andres Sheppard has given his Buy rating due to a combination of factors including Tesla’s advancements in autonomous driving technology and strategic expansions in energy storage. Despite a slight dip in vehicle deliveries and production compared to market expectations, Tesla’s operational launch of robotaxis in Austin marks a significant milestone in their autonomous vehicle strategy. This development indicates Tesla’s potential to capture a substantial share of the autonomous driving market, which is anticipated to be a high-margin segment.
Additionally, Tesla’s strategic move to establish a megapack battery storage station in Shanghai, in partnership with local entities, underscores its commitment to expanding its energy storage capabilities. This expansion aligns with the growing demand for sustainable energy solutions and positions Tesla favorably in the global energy market. These strategic initiatives, despite short-term challenges, support the long-term growth prospects of Tesla, justifying the Buy rating.
In another report released yesterday, Wedbush also maintained a Buy rating on the stock with a $500.00 price target.