One Wall Street institution seems to think that Tesla (NASDAQ: TSLA ) is preparing for a comeback. Analyst Mark Delaney of Goldman Sachs raised his price target for the electric vehicle producer from $175 to $248.
Tesla raised the prices of its Model 3 cars in European countries including Germany, the Netherlands and Spain by about 1,500 euros ($1,622) depending on the variant of the model due to the European Commission's tariffs on China-made EVs.
After struggling for much of 2024 and even being the worst-performing S&P 500 stock for multiple months, Elon Musk's electric vehicle (EV) maker, Tesla Motors (NASDAQ: TSLA), made a major comeback after its most recent delivery report.
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The Nasdaq 100 is tipped to open up to 80 points higher when markets open this Wednesday, supported in no small part by Tesla Inc (NASDAQ:TSLA)'s bullish ongoing performance. Elon Musk's electric vehicle giant is up more than 50% month on month, with another 0.3% of gains expected in today's opening exchanges.
Tesla (NASDAQ: TSLA) has been one of the standout performers in the S&P 500 in the previous month, as it added over 50% to its value, with almost 20% coming from the last five trading sessions alone. However, some think that TSLA has all the specifications of a meme stock.
Goldman Sachs analyst Mark Delaney raised his price target on the EV maker to $248 a share from $175.
Longtime investor Bill Gross believes Elon Musk's Tesla is behaving like a speculative play among retail investors.
Tesla investors must watch these two significant events in the next few weeks.
Tesla's stock surged over 20% after beating delivery estimates, but this paints a misleading picture. The core business is weaker than a year ago, and long-term growth prospects in autonomous vehicles and robotaxis remain distant. Being already expensive, the stock has become even pricier, earning a low valuation score from Seeking Alpha.
Tesla's (TSLA) share of electric vehicle sales in the U.S. fell below 50% for the first time as EV sales jumped to a record high, according to new research. The EV maker's stock, meanwhile, continued its hot run Tuesday, finishing in the green for a 10th straight day.