What Wall Street Analysts Think of Tesla’s Stock Ahead of Robotaxi Event

Key Takeaways

• Tela’s highly anticipated robotaxi event is set to take place Thursday, with analysts expecting to see the autonomous taxi along with other product announcements.
• Analysts are somewhat split on Tesla stock, with nine “buy,” seven “hold,” and three “sell” or equivalent ratings among the 19 ratings tracked by Visible Alpha.
• The robotaxi event and Tesla’s third-quarter results later this month could be catalysts for the stock.

Tesla (TSLA) shares will be in focus this week, as the electric vehicle maker’s highly anticipated “robotaxi” event is set to take place Thursday, with analysts expecting to see the autonomous taxi along with other product announcements.

With its gains in the third quarter, Tesla’s stock price has largely recovered from the losses it sustained in the first half of the year. Shares were down just 1.5% for 2024 so far at $244.83 in intraday trading Monday.

Analysts are divided on the EV giant’s stock, with the 19 analysts tracked by Visible Alpha split between nine “buy,” seven “hold,” and three “sell” or equivalent ratings. Their average price target of $219.78 is roughly 10% below its Monday intraday price.

At Thursday’s event, analysts have said they expect to see a demo of the autonomous taxi along with a prototype and Tesla’s progress toward its full self driving software receiving regulatory approval for the vehicle to operate with no driver. Analysts also expect to see Thursday’s event include the unveiling of a lower-priced Tesla vehicle, and potential updates to Tesla’s other projects like the Optimus humanoid robot.

Last week’s deliveries data sent Tesla stock lower despite beating expectations, as analysts said investors may have wanted Tesla to deliver a stronger quarter. Thursday’s robotaxi event and Tesla’s full third-quarter financial results later this month could be the next catalysts for the stock.

Read the original article on Investopedia.