Wedbush analyst Dan Ives raised his price target on Tesla after the electric vehicle company posted better-than-expected deliveries in the second quarter. The tech analyst hiked his 12-month price target on the Elon Musk-led company by 9%, to $300 from $275 previously. The new forecast implies a 30% gain from Tuesday’s close of $231.26. Ives also updated his most optimistic, bull case for the Elon Musk-led stock, seeing it hitting $400 in 2025. “After a very choppy start to 2024 for Musk & Co. we believe the Tesla demand story has made a significant turn for the positive with stronger than expected 2Q deliveries this morning marking a ‘major turning point’ in the Tesla bull case story looking ahead into 2H24/2025,” Ives said in a note to clients Wednesday. Tesla shares have jumped nearly 17% this week after the company posted second-quarter vehicle production and deliveries numbers that beat analyst expectations. Tesla’s total deliveries hit 443,956 vehicles in the second quarter, with production of 410,831 vehicles. Analysts had expected that Tesla deliveries — the closest approximation of sales disclosed by the automaker — to reach 439,000 in the three-month stretch ending June 30, according to a consensus of estimates compiled by FactSet’s StreetAccount. “With the majority of price cuts in the rear-view mirror and demand stabilization globally for EVs especially in China, we believe Tesla’s march towards 2 million units annual trajectory should be reached over the coming quarters with clear momentum and easier comps for 2025,” Ives said. This week’s strong performance in Tesla shares means its year-to-date decline has been cut to about 7%.
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