Shares of electric vehicle makers rallied in intraday trading Friday after analysts at Mizuho issued price target bumps for Tesla (TSLA) and Rivian (RIVN).
Back in April, Elon Musk teased investors, telling them that Tesla would be showcasing its robotaxi at an event on Aug. 8. However, news is swirling that the event is delayed until October -- sending Tesla stock into a downward spiral.
Tesla (NASDAQ: TSLA ) stock is in the news Friday after the electric vehicle (EV) company's shares got an increased price target from Mizuho analyst Vijay Rakesh. This has the Mizuho analyst increasing the firm's price target from $180 per share to $230 per share.
Reports of a potential delay in Tesla, Inc.'s TSLA robotaxi unveil punctured the shares on Thursday.
Tesla's TSLA visionary CEO, Elon Musk, is celebrated as one of the most influential entrepreneurs. Under his leadership, the electric vehicle (EV) company has grown from its 2010 IPO valuation of $1.7 billion to a staggering market capitalization of roughly $800 billion today.
This may come as a surprise to some: U.S. presidential elections and policies don't impact the short-term cost of gasoline at the pump, according to Patrick De Haan, head of petroleum analysis at GasBuddy.
Tesla Inc. (TSLA, Financial) had a challenging start to 2024, with its shares depreciating by 20% year to date at the time of writing. This decline was driven by weak business performance due to a tough macroeconomic environment and increased competition within the electric vehicle market, albeit some of the losses have been regained thus far.
On Thursday, stocks rallied modestly in the wake of the most recent Consumer Price Index (CPI) report which showed inflation is continuing to cool. But by mid-morning, a Mel Torme-like velvet fog had rolled in, turning the tide and sharply reversing stocks. For the day, the S&P 500 fell by 0.88% to close just over 5584, after getting as high as 5642. The lower close ended a streak of six consecutive record high closes. Tech stocks performed even worse, reversing by nearly 400 points and closing down 1.95%.
The Dow Jones Industrial Index is expected to open 61 points higher this Friday, according to pre-market trades. The Nasdaq 100, on the other hand, looks set to open effectively flat, having retreated from all-time highs on Thursday.
Tesla, Inc. TSLA shares could head lower for a second straight session if the premarket losses are sustained in regular trading.
Tesla shares fell during premarket trading Friday after UBS downgraded the electric carmaker over fears AI hype had inflated its stock value, the latest blow for the company after a nearly two-week rally unraveled yesterday following reports the anticipated unveiling of Elon Musk's robotaxi service would be postponed.
Despite the post-debate chaos in the Democratic party, President Biden and former President Trump remain the most likely candidates in the upcoming elections, and their policies – and particularly the sharp differences between them – remain in sharp focus.