Stifel analyst Stephen Gengaro raised Tesla's price target to $508 from $483, maintaining a "buy" rating and projecting 26% upside, primarily driven by the company's advancements in robotaxi development and Full Self-Driving (FSD) technology. Gengaro highlighted plans for driverless robotaxi operations in Austin by late 2025 and expansion to 8-10 metropolitan areas, alongside strong Q3 revenue of $28.10 billion and the anticipated introduction of lower-priced vehicles, which are expected to fuel robust multi-year growth.
Stifel analyst Stephen Gengaro has raised Tesla's (TSLA) price target to $508 from $483, maintaining a "Buy" rating and projecting a 26% upside from recent closing prices. This upward revision is primarily driven by anticipated progress in Tesla's robotaxi initiatives and enhancements to its Full Self-Driving (FSD) system, which are expected to generate significant long-term value. The analyst highlights aggressive robotaxi expansion plans, including driverless operations in parts of Austin by late 2025 and an overall expansion to 8-10 metropolitan areas by year-end 2025, with further plans for Nevada, Florida, and Arizona. Updates to FSD, incorporating "reasoning capabilities," are also expected to enhance functionality and contribute to potential FSD sales and licensing agreements. Beyond autonomous driving, Tesla reported strong Q3 revenue of $28.10 billion, surpassing LSEG's analyst consensus of $26.37 billion. While lower-priced vehicles are delayed, their eventual introduction, alongside revamped Model 3 and Model Y refreshes, is expected to bolster sales and mitigate the impact of expiring EV tax credits, positioning TSLA for robust multi-year growth from 2024-2027+.
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