Tesla shares have received a price target raise to $230 from Jefferies following Investor Day. The firm reaffirmed its buy rating.
Last week, Tesla's Investor Day took place, where the company presented its achievements and a roadmap for the future, in which it will strengthen its initiative to accelerate the world's transition from fossil fuels to renewable energy. On Monday, Jefferies analyst Philippe Houchois raised Tesla's price target by 28%.
The expert raised its price target from $180 to $230 per share and confirmed its buy rating. He wrote that just because the company did not showcase new products on Investor Day does not mean it will have major growth delays. Further updates should allow Model Y and 3 to grow faster than traditional brands. Houchois noted that this growth could be unsustainable due to price dynamics and limit the potential for unexpected revenue increases in 2023 and 2024. However, he raised his forecasts for the company's operating profit.
Tesla has strong fundamentals and is a leader in the electric vehicle market. While automakers continue to release new models, the Texas-based manufacturer continues to have a strong competitive edge that no one can match today. Tesla is the benchmark in the electric vehicle segment.
© 2023, Eva Fox | Tesmanian. All rights reserved.
We appreciate your readership! Please share your thoughts in the comment section below.
Legal Disclaimer --
This article is for informational purposes only. You should not construe any such information or other material as an investment, financial, or other advice. Nothing contained in this article constitutes a solicitation, recommendation, endorsement, or offer by Eva Fox, Tesmanian, or any third party service provider to buy or sell any securities or other financial instruments in this or in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction.
Eva Fox holds zero shares of Tesla, Inc., and currently (at the time of this article's publishing) holds zero options or securities in Tesla Inc. and/or its affiliates.
About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.