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Another $400 Price Target Is Lifting Tesla's Stock Today
Key Takeaways
Shares of Tesla ( TSLA ) rose Thursday after another Wall Street analyst issued a bullish outlook for the EV maker.
Bank of America analysts were part of the reason for today's gains. While they maintained a "buy" rating on the shares, they lifted their price target by $50 to $400, well above the Visible Alpha average around $280 and 12% above Wednesday's close. The target is among the highest tracked by Visible Alpha, matching another posted last month by Wedbush .
Tesla "is well-positioned to grow in 2025" and beyond, the Bank of America analysts wrote, citing opportunities ranging from its core EV business to robotaxis, robotics, software, and charging.
Tesla's stock was recently ahead some 4%, leaving it up roughly 50% for the year though still a bit below 2024 highs.
The company might look to raise money to fund some of those businesses, the analysts wrote.
"We expect (Tesla) to efficiently and effectively deploy capital, as the company has demonstrated with its focus on organic cash generation," Bank of America wrote. "That said, there could be a point at which it may make sense for it to raise capital to accelerate the development of these technologies."
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