Tesla Price Target Raised To $300 By Wedbush Analyst Dan Ives Amid $1 Trillion Tech Potential: 'The Most Undervalued AI Name'

Benzinga Neuro

July 02, 2024

Tesla Inc. (NASDAQ:TSLA) has seen its price target raised by Wedbush analyst Dan Ives to $300, with a bull case of $400, as the company’s AI story gains traction.

What Happened: Ives took to X to announce the revised price target, citing a positive shift in Tesla’s demand story for the second half of 2025. He also highlighted the potential of Tesla’s AI story, which he believes could be worth over $1 trillion, making it the most undervalued AI name. The new price target represents a significant increase from the previous $275.

“We believe the Tesla demand story has made a significant turn for the positive heading into 2H/2025. Tesla AI story could be worth $1 trillion+ and is the most undervalued AI name in our view,” Ives wrote.

We are raising our price target on Tesla from $275 to $300; new bull case of $400. We believe the Tesla demand story has made a significant turn for the positive heading into 2H/2025. Tesla AI story could be worth $1 trillion+ and is the most undervalued AI name in our view🐂🍿🏆
— Dan Ives (@DivesTech) July 2, 2024

Despite a year-on-year decline in second-quarter deliveries, Tesla’s performance has improved from the first quarter. This was seen as a positive sign by Ives, who had previously suggested that the worst may be behind Tesla after the second-quarter deliveries beat estimates.

See Also: Jim Cramer Has A Market Strategy: Interest Rates Up, Buy Mag 7; Rates Down, Buy Everything

Why It Matters: The recent developments at Tesla have been closely watched by analysts and investors. The company’s stock rallied after the second quarter deliveries report, with some speculating that the company may have achieved “escape velocity.” This term refers to a situation where a company’s stock price breaks through a resistance level, leading to a significant upward trend.

Despite being a popular stock to short, Tesla’s strong performance has led to a warning from CEO Elon Musk that short sellers will be “obliterated.” The company’s second-quarter deliveries report was seen as a turning point, with some analysts suggesting that the worst may be behind Tesla.

Price Action: Tesla Inc. shares closed at $231.26 on Tuesday, up $21.40 or 10.20% for the day. In after-hours trading, the stock dipped 0.035%. Year to date, Tesla’s stock has decreased by 6.91%, according to data from Benzinga Pro.

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Image Generated With AI Via Midjourney

This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote

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