How Tesla Giga Texas inspired one analyst to move his price target up
Tesla (NASDAQ: TSLA) Giga Texas inspired one analyst to move his price target up after a visit to the factory, proving that the automaker deserves the bullish tones it has attracted for the last five weeks.
John Murphy of Bank of America popped his price target on Tesla to $400 from $350 this week, and it was all due to the incredible visit he and other analysts had at the company’s factory located just outside of Austin.
Murphy said in a note to investors this week that the visit proved Tesla is in a position to grow in the coming years with various facets of its business, along with other things that are in the pipeline for years after.
Credit: Tesla
He wrote:
“The trip gave us increased confidence that TSLA is well-positioned to grow in 2025+ with its core EV business and launch of its robotaxi offering, and longer-term from its investments in Optimus.”
It is no secret that Tesla delivery figures have been underwhelming this year, but we all expected it because the company said it would have a “notably lower” growth rate this year as it moves toward the release of its next-gen platform.
However, it has a lot of other projects in the works, including Robotaxi, its strong energy business, and Optimus, its humanoid robot. Tesla also has plans to release a low-cost EV in the first half of 2025.
There is a lot leaning on the completion of Full Self-Driving and the prospect of autonomy in the coming years as well. Murphy took a ride in Cybertruck and Model Y with Full Self-Driving capability and said he was impressed by the suite’s ability to adapt to everything from “abnormal road conditions” to turns against difficult traffic patterns:
“The Cybertruck and Model Y we rode in…drove seamlessly to a charging station several miles away despite abnormal road conditions, traveling on roads under construction and taking a tough left turn against traffic.”
Tesla is trading at around $372 just after 10:00 a.m. on the East Coast.
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The post How Tesla Giga Texas inspired one analyst to move his price target up appeared first on TESLARATI.
Source: https://www.teslarati.com/how-tesla-giga-texas-inspired-analyst-price-target-increase-boa/
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