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Investing.com-- Tesla Inc (NASDAQ:TSLA) CEO Elon Musk has taken a "big step forward" in reassuring investors and employees, as Wall Street looks beyond what is expected to be a weak first-quarter delivery report, Wedbush analysts said in a note.
Despite controversies surrounding Musk, including his involvement with the Department of Government Efficiency (DOGE) initiative and Tesla’s politicization, Wedbush analysts noted that his recent all-hands meeting signaled a turning point.
“Musk did a very good job in our opinion discussing the Tesla long term strategic vision, autonomous, robotics, and showing leadership at a time it was very needed for the Tesla story,” Wedbush analysts wrote.
Tesla is expected to report first-quarter deliveries of 355,000-360,000 vehicles on April 2, a drop of more than 7% year-over-year, attributed to both brand-related issues and delayed Model Y refreshes, analysts said.
However, Wedbush maintains an "Outperform" rating and a $550 price target, citing optimism over Tesla’s upcoming Cybercab, full self-driving expansion, and a lower-cost vehicle launch later this year.
“2025 is a very important year in the history of Tesla,” Wedbush noted, emphasizing that the company’s technological innovations could mark the start of a "new era of growth."