Cybertruck Launch Could Catapult Tesla Towards $1 Trillion Market Valuation: Wedbush Analyst

The upcoming launch of Tesla Inc’s TSLA Cybertruck could significantly boost the automaker’s market value, potentially propelling it toward the $1 trillion mark, according to Wedbush.

What Happened: Tech analyst Dan Ives from Wedbush perceives the vehicle’s debut as a “big moment” for the electric vehicle maker. He retains his 12-month stock-price target of $310 for Tesla, Business Insider reported.

If Tesla’s shares reach this level, the company’s market cap will ascend to $996 billion.

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“The launch of Cybertruck is critical for Tesla’s broader growth narrative in the coming years. It also reinforces Musk’s ability to expand the Tesla halo effect as more consumers opt for electric vehicles,” Ives said.

Why It Matters: Although the new product may not significantly impact Tesla’s financials in 2024, it will showcase to investors “the innovation and mind share lead that Tesla has built” compared to traditional automakers, added Ives.

Tesla is set to deliver 10 Cybertrucks at a launch event in Texas on Thursday, four years after the vehicle’s unveiling. Despite the excitement, the actual cost of the vehicle remains undisclosed to order holders as of Tuesday.

Tesla’s stock has shown strong performance this year, soaring 98% following a disappointing 2022, thanks to robust financials and investors anticipating a cut in interest rates by the Federal Reserve.

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