Street Calls of the Week
Investing.com - Cantor Fitzgerald has reiterated its Overweight rating on Tesla (NASDAQ:TSLA) with a price target of $355.00. The electric vehicle giant, currently valued at $1.32 trillion, has shown remarkable momentum with a 14.3% gain over the past week, though InvestingPro analysis indicates the stock is trading above its Fair Value.
The firm maintained its positive outlook on the electric vehicle manufacturer following observations about autonomous vehicle deployment strategies in the United States. Tesla maintains a strong financial position with a Good overall health score according to InvestingPro, though it trades at a notably high P/E ratio of 236.
Cantor Fitzgerald analyst Andres Sheppard drew parallels between Tesla’s Robotaxi rollout and the expected commercialization pattern for electric vertical takeoff and landing aircraft (eVTOLs) in the U.S. market.
The analyst noted that Tesla launched its Robotaxi app to the public on September 4 for select areas in Texas and California, demonstrating a gradual, location-specific deployment approach.
Sheppard expects eVTOLs to follow a similar strategy, "gradually rolling out in select cities in the U.S. (rather than a federal rollout), as it continues to ramp up production."
In other recent news, Tesla has seen several developments that are of interest to investors. Barclays has maintained its Equalweight rating on Tesla while raising its third-quarter delivery forecast to approximately 465,000 vehicles, surpassing the consensus estimate of around 430,000 units. This forecast suggests a sequential increase of about 21% from the previous quarter. Meanwhile, TD Cowen has reiterated its Buy rating on Tesla, highlighting product goals as a key factor in their assessment. Cantor Fitzgerald also reiterated its Overweight rating, maintaining a $355 price target and noting a proposed 10-year compensation plan for CEO Elon Musk that ties his earnings to ambitious market capitalization milestones. Baird has maintained its Neutral rating, reflecting on Tesla’s new compensation package for Musk, which includes significant targets across business segments. Additionally, Tesla’s Board of Directors approved updated indemnification agreements for directors and executive officers, ensuring coverage under the company’s insurance policies. These agreements aim to indemnify and advance expenses to the fullest extent permitted under Texas law.
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