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Tesla (NASDAQ:TSLA) moved up 2.4% in premarket trading on Wednesday to add to Tuesday’s gain of 10.2%. The electric vehicle stock was jolted by a better-than-feared Q2 deliveries report from Tesla (TSLA) and growing enthusiasm for the Robotaxi event on August 8.
Wedbush Securities boosted its 12-month price target on Tesla (TSLA) to $300 and set a bull case price target of $400. “With the majority of price cuts in the rearview mirror and demand stabilization globally for EVs especially in China, we believe Tesla’s march towards 2 million units annual trajectory should be reached over the coming quarters with clear momentum and easier comps for 2025,” highlighted analyst Dan Ives. The key to the firm’s bull thesis on the EV stock is the Street recognizing that Tesla (TSLA) is the most undervalued AI play in the market. Ives and his team believe that in a bull case scenario, the Tesla (TSLA) full self-driving piece/segment could be worth $1 trillion alone.
On Seeking Alpha, analyst Bill Maurer said the Q2 numbers from Tesla (TSLA) were definitely good, but the 40% rally recently gives him a little pause in the short term. “Analyst estimates should start to rise, but I’m not sure how much of this beat is now already baked into the stock,” he noted. Maurer kept a Hold rating on Tesla (TSLA) in place.
Following the recent share price rally, Tesla (TSLA) now trades above its 50-day, 100-day, and 200-day moving averages.