:max_bytes(150000):strip_icc()/GettyImages-2160027262-d7c4bd2152c04c22a3899e9aaeaae663.jpg "Tesla Stock Soars This Week as ‘Worst Is in the Rear-View Mirror’")
Key Takeaways
- Tesla shares have soared about 25% this week amid strong second-quarter deliveries numbers and mostly positive analyst reactions.
- The stock on Friday briefly climbed into positive territory year-to-date for the first time since early January.
- Tesla is expected to unveil an autonomous “Robotaxi” on August 8.
Tesla (TSLA) shares have staged a strong rally this week, rising about 25% from last week’s closing level of $197.88, although they were little changed at $246.64 as of 1:30 p.m. ET Friday after hitting a 2024 high of $252.37 earlier in the session.
On Tuesday, the Elon Musk-led electric vehicle (EV) maker reported second-quarter deliveries of 443,956 vehicles, which topped analysts’ consensus estimate of about 439,000.
Analysts Mostly React Positively To Deliveries Figures
Analysts have largely reacted positively, with Bank of America and Wedbush Securities analysts raising their price targets to $260 and $300, respectively, up from $220 and $275. J.P. Morgan analysts were cooler on the deliveries numbers, maintaining an “underweight” rating and price target of just $115.
“In a nutshell, the worst is in the rear-view mirror for Tesla as we believe the EV demand story is starting to return to the disruptive tech stalwart ahead,” Wedbush analysts said.
Tesla shares had dropped to as low as $138.80 on April 22 after closing 2023 at $248.48. Friday marks the first day since January 2—the opening trading day of 2024—that Tesla went into positive territory at all this year.
Musk Said Tesla Will Unveil ‘Robotaxi’ on August 8
Looking ahead, analysts also pointed to Tesla’s planned “Robotaxi Day” on August 8, when Musk said the company will unveil an autonomous driving taxi.
“We continue to believe that Tesla is more of an AI and robotics play than a traditional car company,” Wedbush analysts said. “…[N]ow the rubber meets the road as the Street anticipates August 8th as a key linchpin day for the Tesla story.”
