Stephen Gengaro, an analyst from Stifel Nicolaus, maintained the Buy rating on Tesla. The associated price target was raised to $508.00.
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Stephen Gengaro has given his Buy rating due to a combination of factors that highlight Tesla’s strong position and future potential. The company has shown impressive financial performance, with total revenue surpassing expectations and a significant increase in gross profit margins. This growth is largely driven by higher-than-expected vehicle deliveries, which have bolstered Tesla’s financial outlook.
Additionally, Tesla’s advancements in Full Self-Driving (FSD) technology and the development of Robotaxi services are crucial to its long-term value creation. The progress in these areas, particularly the expansion of Robotaxi services in multiple metropolitan areas, underscores Tesla’s innovative edge. Furthermore, the optimistic projections for the Optimus robot, with plans for scaling production in the coming years, add another layer of potential growth. These elements collectively contribute to the positive outlook and justify the Buy rating.
According to TipRanks, Gengaro is a 5-star analyst with an average return of 13.6% and a 47.08% success rate. Gengaro covers the Energy sector, focusing on stocks such as Baker Hughes Company, Halliburton, and Patterson-UTI.
In another report released on November 10, Morgan Stanley also reiterated a Buy rating on the stock with a $410.00 price target.