Despite a strong recovery in the second and at the start of the third quarter, Elon Musk’s electric vehicle (EV) maker, Tesla Motors (NASDAQ: TSLA), has been experiencing significant turbulence – primarily stemming from a substantial slowdown in demand – in 2024.
Indeed, though both the most recent available earnings and delivery reports have been better than expected, Tesla is nonetheless still facing the headwinds of the ‘EV winter.’
The issues have been exacerbated both by its own issues, such as the August recall of 1.6 million vehicles in China arising from software issues – and by a broader market slump in early August. Tesla, in fact, remains in the red in the year-to-date (YTD) chart.
TSLA stock YTD price chart. Source: Finbold
The decline has been particularly sharp in the last 30 or so days as TSLA stock price today stands at $200.43, 23.25% below its yearly highs above $263, reached in early July. Still, Tesla remains substantially above the lows near $142 it fell to in April.
Given the many trials and tribulations Elon Musk’s electric car company has been through since the start of the year, Finbold decided to examine the 12-month forecasts for the firm offered by prominent Wall Street analysts to try and evaluate if Tesla retains enough growth potential to be a savvy investment, or if taking a short position would be a wiser move.
Analysts forecast Tesla stock price in the coming 12 months
The analyst consensus for Tesla shares is, at the time of publication on August 12, highly reflective of the EV maker’s stock market performance in 2024.
Overall, TSLA boasts a ‘neutral’ rating with 22 out of the 56 experts represented on the stock analysis platform TradingView rating it as such.
Furthermore, another 22 consider Tesla stock to be either a ‘buy’ or a ‘strong buy,’ and 12 rank it as either a ‘sell’ or a ‘strong sell.’ The highest price target assigned within the last three months stands at $400, while the lowest in the same time frame is at $85.
TSLA stock analyst rating. Source: TradingView
Tesla stock Street high and low expert ratings
The ratings, however, do not mean that TSLA is bereft of bulls, and the Street high prediction would see the shares rocket 100% in the coming 52 weeks to $400.
Global Equities Research, the firm behind the price target, explained its bullishness by pointing towards strong demand for Tesla vehicles, and particularly for Models X, Y, S, and 3, partially arising from the $7,500 point of sale EV credit.
On the other side, Roth MKM’s $85 12-month price target – the lowest assigned since early May – focused on the string of disappointments in recent months, including the earnings figures and the postponement of the ‘Cybercab’ event.
Additionally, though GJL Research’s $22 price target for TSLA shares is, by press time, too old to be represented on aggregate platforms, little has changed in its analysis of Elon Musk’s EV maker.
Finally, the two prominent price target revisions in August have been cautious to cautiously optimistic as the Royal Bank of Canada confirmed the ‘buy’ rating while lowering the forecast from $227 to $224 and Cantor Fitzgerald reiterated the ‘neutral’ rating and the associated $245 12-month prediction.
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