Wedbush analyst Dan Ives has expressed his belief that Tesla Inc. TSLA is significantly undervalued due to its AI potential and data-driven approach.
What Happened: Ives highlighted Tesla’s ability to overcome sales challenges in China. He also noted that Wedbush has raised Tesla’s price target to $300 from $275. Ives said this in an interview with Bloomberg Radio.
The analyst emphasized that Tesla’s Full Self-Driving feature positions it as the “most undervalued AI play in the market.” He predicted that Tesla’s trillion-dollar valuation will be driven by AI and a data-driven strategy.
Ives also suggested that the anticipated autonomous robotaxi, to be unveiled by Tesla, will be a game-changer.
Why It Matters: Ives’ comments come in the wake of a series of events that have put Tesla in the spotlight. On Tuesday, Ives raised Tesla’s price target to $300, with a bull case of $400, citing a positive shift in Tesla’s demand story for the second half of 2025.
Simon Hale, a Senior Portfolio Manager at Wellington Altus Private Wealth, praised Rich Ross, a renowned technical analyst, and his predictions for Tesla’s future to reach new all-time highs. Hale’s comments come as Tesla’s stock continues to make headlines with its recent price target increase and Elon Musk‘s warning to short sellers.
Meanwhile, Tesla is set to showcase its Cybertruck and Optimus Gen 2 at the World AI Conference in Shanghai, China, on Thursday, while America celebrates Independence Day. The event will feature some of the biggest brands across the globe as leaders discuss technology advancements and industry trends.
Despite the positive sentiment around Tesla, not all investors are bullish. Former Speaker of the House Nancy Pelosi (D-Calif.) recently disclosed several new stock trades, including selling Tesla shares, ahead of the Fourth of July holiday.
Price Action: Tesla Inc. closed at $246.39 on Wednesday, up 6.54% for the day. In after-hours trading, the stock continued to rise, gaining an additional 0.86%. Year to date, Tesla’s stock is down 0.82%, according to data from Benzinga Pro.
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This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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