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Investing.com - Cantor Fitzgerald has reiterated an Overweight rating and $355.00 price target on Tesla (NASDAQ:TSLA), the $1.02 trillion market cap EV maker, as it expands its robotaxi service. According to InvestingPro data, Tesla currently trades at a P/E ratio of 188, reflecting high growth expectations from initiatives like autonomous driving.
Tesla began operating its robotaxi service in Austin on June 23, with unsupervised Model Y vehicles carrying select passengers for a flat fee of $4.20 per ride. Initial rides were limited to a select territory in Austin and included a Tesla safety monitor sitting in the front passenger seat.
On June 27, Tesla announced it had completed its first fully autonomous delivery to a customer, with a Tesla Model Y driving autonomously from the Austin Gigafactory to the customer’s driveway with zero human intervention.
Tesla now plans to expand the service in Austin with more vehicles and a larger area over the next few weeks, subsequently remove the safety rider, then launch in additional states including California, Arizona, Nevada and Florida.
Cantor Fitzgerald expects robotaxi expansion into the Bay Area in the third quarter, followed by Arizona, Nevada and possibly Florida in the fourth quarter of 2025 or 2026, subject to regulatory approvals, with Tesla planning to roll out its Cybercab without steering wheel or pedals in 2026.
In other recent news, Tesla is set to launch its robotaxi service in San Francisco, with the service potentially starting as early as this weekend. Select Tesla owners are expected to receive invitations to use the service, which will require payment for rides. This development follows Tesla’s second-quarter results, which were described by TD Cowen as "mostly solid/in-line" with expectations. The firm has raised its price target for Tesla to $374, maintaining a Buy rating. Stifel also reiterated its Buy rating on Tesla, maintaining a price target of $450. The firm highlighted Tesla’s successful launch and expansion of robotaxis in Austin and noted the start of production for a lower-priced vehicle. Meanwhile, Neuralink has joined a University of California study focused on developing an AI-powered bionic eye. The study aims to create a device that could assist blind individuals in identifying faces, navigating outdoors, and reading.
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