TSLA Stock Sees Multiple Price Target Hikes Days After Long-Time Bear Turned Bullish

Days after investment bank Roth MKM upgraded its rating on the Tesla Inc. TSLA stock from “neutral” to “buy,” other analysts have hiked price targets.

What Happened: Bank of America Securities on Thursday raised Tesla’s price target from $350 to $400 while maintaining a “buy” rating.

BofA Securities Senior Automotive Analyst John Murphy said in an appearance on CNBC that he recently visited Tesla’s gigafactory in Texas and took a test ride using the company’s full self-driving (FSD) driver assistance software version 13.2.

“It was incredibly good through some very challenging scenarios. That was incredibly impressive,” Murphy said about the ride.

The analyst is now looking forward to Tesla launching a low-cost EV next year and developing its humanoid robot called Optimus while simultaneously improving its FSD technology towards vehicle autonomy.

Why It Matters: Roth MKM analyst Craig Irwin, who was bearish on Tesla for a long time, on Monday raised the EV company’s price target by 347% from $85 to $380 and upgraded the rating to a "buy" from "neutral."

"I don't see very many negative catalysts… There are abundant positive catalysts… Bias is now to the upside, not the downside. The market cap may be huge… but they are doing big things,” Irwin then said.

Guggenheim, meanwhile, on Thursday raised the target price on Tesla from $156 to $175 while maintaining a “sell” rating.

Overall, analysts have a consensus rating of “Buy” on the Tesla stock, with the highest price target being $411. The most recent analyst ratings by Guggenheim, B of A Securities, and Roth MKM have an average price target of $318.33, implying a 13.8% downside.

Price Action: Tesla shares closed up 3.2% at $369.49 on Thursday. The stock is up by nearly 49% year-to-date, according to data from Benzinga Pro.

Check out more of Benzinga’s Future Of Mobility coverage by following this link.

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