Tesla has Wall Street seeing green with a wave of bullish upgrades, helping increase its stock price and market valuation.
Analysts are betting big on the EV giant’s future, with price targets soaring as high as $411, signaling confidence in Elon Musk’s leadership and Tesla’s strategic positioning.
This weekend, Tesla released FSD 13.2 to limited testers and this has some analysts seeing a major upside, including former Tesla bears. Tesla also announced its major annual holiday software update.
Roth MKM: From $85 to $380
Roth MKM made headlines by upgrading Tesla to a “Buy” rating from “Neutral” and boosting its price target from a bearish $85 to a bullish $380. The firm cited “abundant positive” catalysts, including Musk’s alignment with President-elect Donald Trump. The move, Roth MKM says, could double Tesla’s pool of enthusiasts among conservative voters. “Enthusiasm among fresh buying pools should lift the demand trajectory,” the firm noted.
Stifel Analyst Sets $411 Target
Stephen Gengaro of Stifel took things even further, raising his price target to $411—the highest on Wall Street. He maintained a “Buy” rating, highlighting Tesla’s full self-driving capabilities and its planned Cybercab robotaxi service, set for late 2025. “Tesla’s value creation potential from AI-based self-driving technology underpins our positive outlook,” Gengaro wrote.
Tesla shares have skyrocketed 37% since the November 5 election, with analysts predicting new regulations under Trump could smooth the rollout of self-driving cars.
Bear Turns Bull: $85 to $380
Even Craig Irwin, a long-time Tesla skeptic, flipped his stance. Previously holding a rock-bottom $85 price target, Irwin now rates Tesla a “Buy,” matching Roth MKM’s $380 price target. His reversal marks a significant shift in sentiment.
Based on Gengaro’s target, Tesla’s valuation could hit $1.3 trillion—a massive vote of confidence in its growth potential.
A clip of Irvin below on CNBC explains his view of Tesla moving forward:
Long time $TSLA bear Roth Capital's Craig Irwin talks about why he’s changed his view about Tesla, pointing to cheaper batteries and more buyers.
He also talks about Tesla’s moves in AI, robotics, and self-driving tech, comparing them to rivals like Waymo.
Could this be the… pic.twitter.com/G1oBfnqc8v
— Herbert Ong (@herbertong) December 2, 2024
As of writing, shares of Tesla are up 3% for the day trading at $355 per share.
