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Investing.com - RBC Capital has raised its price target on Tesla (NASDAQ:TSLA) to $325 from $319 while maintaining an Outperform rating on the stock. The target aligns closely with Tesla’s current trading price of $325.59, though analyst targets range widely from $115 to $500, according to InvestingPro data.
The firm cited the better-than-feared Austin robotaxi launch as a key factor in its decision to increase the target price, noting that Tesla is now looking to expand the service to additional cities.
RBC Capital acknowledged that regulatory hurdles remain for Tesla’s autonomous vehicle ambitions, which could impact the pace of the robotaxi rollout across different markets.
The investment bank expressed caution about Tesla’s traditional automotive business, expecting pressure in the coming quarters due to the end of Inflation Reduction Act (IRA) credits.
High levels of used electric vehicle inventory were also highlighted as a near-term challenge for Tesla’s auto business performance over the next several quarters.
In other recent news, Tesla has been making significant strides with its robotaxi service. The company began operating its service in Austin, Texas, with unsupervised Model Y vehicles, and plans to expand to the Bay Area, including San Francisco, as early as this weekend. Select Tesla owners are expected to receive invitations to participate in the service, which will require a fee for rides. Cantor Fitzgerald has reiterated an Overweight rating on Tesla, maintaining a price target of $355, citing the expansion of the robotaxi service as a key factor. Additionally, Stifel has reiterated its Buy rating with a price target of $450, highlighting Tesla’s successful launch and expansion of its robotaxi service in Austin. Stifel also noted the anticipated production ramp-up of Tesla’s lower-priced vehicle in the latter half of 2025. Meanwhile, Neuralink, another company led by Elon Musk, has joined a University of California study to develop an AI-powered bionic eye. This study aims to create a device that could assist blind individuals in identifying faces and navigating their surroundings.
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