Tesla Stock Price Target Revision: A Bullish Outlook After Earnings

Stocks in Focus: Tesla Earnings Report

Electric vehicle leader Tesla (NASDAQ: TSLA) released its Q3 2024 earnings report on October 23, leading to significant buzz among investors.

Leading up to the earnings call, sentiment had turned bearish due to skepticism after the lackluster Robotaxi Day event. While Musk’s history of fluctuating performance raises eyebrows, the quarter proved successful, with TSLA stock price surging by 14.09% at the time of publication.

Financial Performance Overview

• Despite missing revenue estimates, earnings per share (EPS) hit $0.72, surpassing the consensus of $0.60.
• Vehicle deliveries exceeded estimates, reflecting a 6% rise in sales volume.
• Core automotive revenue showed sluggish growth at just 1% compared to last year, indicating ongoing challenges.

Currently, Tesla shares are trading at $247.92, resulting in year-to-date (YTD) returns of 0.46%.

Analyst Revisions: A Mixed Outlook

As of now, five notable Wall Street firms have revised their price targets for TSLA through their equity research arms, including JPMorgan, Goldman Sachs, Canaccord Genuity, and Bank of America (NYSE: BAC).

• Canaccord has the highest optimism, raising their target from $254 to $278, indicating a projected 14.29% upside.
• Bank of America increased their target from $255 to $265, forecasting an 8.95% rise.
• Goldman Sachs raised their target from $230 to $250, expressing cautious optimism with a conservative 2.78% upward adjustment.
• Contrarily, JPMorgan remained bearish, increasing their target from $130 to $135, indicating a potential drop of 44.5% for this to materialize.

The outlook on Tesla remains mixed as investors respond to evolving market dynamics.