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Investing.com - Benchmark raised its price target on Tesla (NASDAQ:TSLA) to $475 from $350 on Thursday, maintaining a Buy rating following the electric vehicle maker’s robotaxi launch in Austin. The new target represents significant upside potential for the $1.05 trillion market cap company, though InvestingPro analysis suggests the stock is currently trading above its Fair Value.
The research firm cited the successful though limited rollout of Tesla’s robotaxi business, noting that the controlled approach demonstrates a safety-first strategy that could help win over regulators and public opinion.
New autonomous vehicle regulations set to take effect September 1 in Texas will likely further build trust and create a pathway for expansion to additional cities, according to Benchmark.
Tesla stock has rebounded 54% since reaching a low of $213 in April, though it remains 33% below its December high of $488 as concerns about tariffs, the robotaxi rollout, and regulations have begun to subside.
Benchmark reaffirmed Tesla as a "Top Pick for 2025," stating that its investment thesis remains intact despite recent volatility in the stock price.
In other recent news, Tesla has experienced a 27.9% decline in new car sales in Europe for May compared to the previous year, despite an overall increase in electric vehicle sales across the region. This marks the fifth consecutive month of declining sales for Tesla in Europe, with the company’s market share dropping to 1.2%. Meanwhile, Tesla has requested confidentiality from the National Highway Traffic Safety Administration regarding its robotaxi safety responses, which are under review by the agency. The company recently launched its robotaxi service in Austin, Texas, prompting TD Cowen to reiterate its buy rating and maintain a $330 price target, highlighting the service’s successful initial operations. UBS, however, raised Tesla’s price target to $215 from $190, citing the robotaxi’s potential but maintained its Sell rating due to concerns about the stock’s valuation. Barclays (LON:BARC) kept its Equalweight rating and $275 price target, noting the robotaxi launch as "uneventful" and urging caution against overoptimism. These developments reflect the mixed analyst sentiment surrounding Tesla’s recent activities and future prospects.
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