Wedbush: Could rise another 77% over the next year

Recently, Tesla has gradually declined, and the gap with other large technology stocks has widened more and more, and it is often “disliked” by Wall Street analysts. In a recent example, Wells Fargo recently lowered Tesla's target share price and recommended a reduction in holdings.

However, I'm a big Tesla fan,US Investment Bank WedbushDan Ives, a well-known strategist, and his team have stated that the market is excessively bearish on Tesla shares, and Tesla shares are likely to rise 77% over the next 12 months.

According to the latest report, “Since demand for Tesla has become more stable during the remaining period of 2024 and price cuts have slowed down, I believe that battery cost/production shows strong cost efficiency. Furthermore, the company plans to launch Model 2 next year, priced below $30,000. All of these are positive signals for stock prices to rebound.”

Nonetheless, he pointed out that Tesla is still facing many issues in the short term, such as sluggish demand for electric vehicles, “price competition” that is worsening profit margins, the temporary closure of the Berlin Plant, and disputes over Mr. Musk's reward system.

Overall, however, Ives once again predicted that Tesla stock would rise to $315 over the next 12 months. This is in contrast to Wells Fargo's view. The bank downgraded Tesla stock to “hold” on the 2nd, assuming that Tesla's price reduction strategy would push down demand.

Wells Fargo lowered Tesla's target stock price from 200 dollars to 120 dollars, which is one of the lowest target stock prices on Wall Street, which means that the stock price will drop another 30%.

At Wednesday's closing price, the stock price fell 4.54% to $169.48 per share. Since the beginning of this year, Tesla's stock price has fallen by about 32%.