Wall Street's renewed focus on Tesla... How far will the stock price go in 12 months?

▲ Tesla (TSLA)/AI-generated image ©

Major Wall Street brokerage firms have positively evaluated Tesla's recent performance and business momentum, consecutively presenting 12-month target stock prices. Some firms upgraded their target prices, and the average target price also surpassed the current stock price, adding weight to the possibility of a medium to long-term rise.

According to the cryptocurrency specialized media Finbold on July 3 (local time), five Wall Street analysts reaffirmed their 12-month outlook for Tesla on the 2nd. William Stein of Truist Securities raised his price target from $400 to $430 but maintained a 'Hold' rating. Andrew Perkokko of Morgan Stanley maintained a price target of $415 and a 'Hold' rating, while Rajat Gupta of JPMorgan set a price target of $475 and maintained a 'Hold' rating. Tom Narayan of RBC Capital maintained a 'Buy' rating with a price target of $475. Jed Dorsheimer of William Blair maintained a 'Hold' rating but did not provide a price target.

Behind Wall Street's positive outlook is Tesla's Q2 performance. Tesla announced on the 2nd that it produced 451,758 vehicles and delivered 480,126 vehicles in the past three months. Furthermore, Cathie Wood's Ark Invest's additional purchase of 96,935 shares of Tesla stock ahead of this month's earnings announcement was also analyzed to have a positive impact on investor sentiment.

In addition, the U.S. National Highway Traffic Safety Administration (NHTSA)'s recognition of the Model Y's safety also bolstered Wall Street's optimism. The media reported that these evaluations of performance, investment, and product competitiveness are acting as key factors supporting Tesla's stock price outlook.

According to TipRanks, following recent target price adjustments, Wall Street's average 12-month target price for Tesla was tallied at $404.86. As of the time of writing, Tesla's stock price was $393.45, having fallen 10% this year, with a market capitalization of approximately $1.5 trillion. The media predicted that analysts' target prices could materialize in the short term, given that Tesla's stock price has shown signs of a rebound since early April.

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