Tesla (NASDAQ: TSLA) stock saw a marginal increase in intraday trading Thursday after Cantor Fitzgerald initiated coverage with a Bullish rating and price target.
Cantor Fitzgerald has initiated coverage on Tesla (TSLA) stock with an “Overweight” rating and a price target of $230, signaling a bullish outlook on the electric vehicle (EV) giant despite recent market challenges.
This year has seen Tesla face a notable decline, with shares dropping approximately 28% year-to-date and around 40% from its 52-week high of $299. Despite these short-term fluctuations, Cantor Fitzgerald views this as an opportune moment for investors, citing several factors contributing to its positive outlook on Tesla.
The firm cited potential gains from Tesla’s Full Self-Driving (FSD) software and the anticipated growth in the Robotaxi segment as key drivers for the company’s future success. Furthermore, analysts identified Tesla’s strategy of introducing lower-priced models, its expansive global manufacturing capabilities, and its leading position in the EV charging infrastructure as additional catalysts for growth.
Despite facing challenges in the broader EV industry, such as supply chain disruptions, temporary demand slowdowns, and increased competition from Chinese manufacturers, Cantor Fitzgerald believes Tesla is well-positioned to navigate these obstacles and emerge stronger. The firm’s analysis underscores Tesla’s resilience and ability to capitalize on industry headwinds, setting it apart from competitors.
The analyst’s comments suggest that lower stock prices present an attractive opportunity for investors with a medium-to-long-term investment perspective. Despite fluctuations in the short run, Cantor Fitzgerald remains optimistic about Tesla’s long-term growth potential and sees room for significant upside based on its $230 price target.
Tesla (NASDAQ: TSLA) Stock Price Action
TSLA stock gained 0.01% to close at $180.01 on Tuesday. Its value has risen by 5.78% this week. Trading activity has witnessed 88,735,533 (88.73 million) shares changing hands, lower than the average daily volume of 103.27 million.
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