Wall Street Focuses on Tesla Again… How High Will the Stock Price Go in 12 Months?

▲ Tesla (TSLA)/AI-generated image ©

Major Wall Street brokerage firms have positively evaluated Tesla's recent earnings and business momentum, subsequently presenting 12-month target stock prices. Some firms upgraded their target prices, and the average target price also exceeded the current stock price, lending weight to the possibility of mid-to-long-term growth.

According to the cryptocurrency specialized media Finbold on July 3 (local time), five Wall Street analysts reconfirmed their 12-month outlook for Tesla on July 2. William Stein of Truist Securities upgraded his target price from the previous $400 to $430 but maintained a 'Hold' rating. Andrew Perkok of Morgan Stanley maintained his target price of $415 and a 'Hold' rating, while Rajat Gupta of JPMorgan set a target price of $475 and maintained a 'Hold' rating. Tom Narayan of RBC Capital maintained a 'Buy' rating with a target price of $475. Jed Dorsheimer of William Blair maintained a 'Hold' rating but did not provide a target price.

Behind Wall Street's continued positive outlook are Tesla's second-quarter results. Tesla announced on July 2 that it produced 451,758 vehicles and delivered 480,126 vehicles over the past three months. Furthermore, Cathie Wood's Ark Invest's additional purchase of 96,935 shares of Tesla stock ahead of this month's earnings announcement was also analyzed to have a positive impact on investor sentiment.

Additionally, the National Highway Traffic Safety Administration's (NHTSA) recognition of the Model Y's safety also bolstered Wall Street's optimism. The media reported that these evaluations of performance, investment, and product competitiveness are serving as key factors supporting Tesla's stock price outlook.

According to TipRanks, after recent target price adjustments, Wall Street's average 12-month target price for Tesla was tallied at $404.86. Tesla's stock price, as of the time of writing, was $393.45, down 10% this year, with a market capitalization of approximately $1.5 trillion. The media predicted that as Tesla's stock price has shown signs of a rebound since early April, analysts' target prices could materialize in the short term.

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