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Tesla (NASDAQ: TSLA) Giga Texas inspired one analyst to raise his price target after a factory visit, proving the automaker deserves the bullish tones it’s been attracting over the past five weeks.
Bank of America’s John Murphy this week raised his price target on Tesla to $400 from $350, all because of an incredible visit he and other analysts made to the company’s factory located near Austin.
Murphy said in a note to investors this week that the visit proved that Tesla can grow in the coming years with various aspects of its businessas well as other things planned for years after.
Author: Tesla
He wrote:
“The trip gave us greater confidence that TSLA is well-positioned for growth in 2025+ with its core electric vehicle business and the launch of its robotaxi offering, and in the longer term with its investment in Optimus.”
It’s no secret that Tesla’s delivery numbers this year have been underwhelming, but we all expected that because the company said that will have a “significantly lower” growth rate this year as it moves toward the release of its next-generation platform.
However, he has many other projects, including Robotaxi, his high-powered energy business, and Optimus, his humanoid robot. Tesla also has plans to launch a low-cost electric car in the first half of 2025.
Much depends on the completion of full self-government and the prospect of autonomy in the coming years. Murphy took a drive the fully autonomous Cybertruck and Model Y and said he was impressed by the package’s ability to adapt to everything from “abnormal road conditions” to cornering against difficult road conditions:
“The Cybertruck and Model Y we drove … drove smoothly to a charging station several miles away despite abnormal road conditions, driving on roads under construction, and making hard left turns against traffic.”
Tesla is trading around $372 just after 10:00 a.m. on the East Coast.
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