Goldman Sachs Just Raised Its Tesla (TSLA) Stock Price Target

  • Goldman Sachs has raised its Tesla (TSLA) price target following its Q2 delivery success.
  • But the new price target still represents downside potential of almost 7%.
  • TSLA stock is struggling today amid high volatility, even with the recent upgrade.
TSLA stock - Goldman Sachs Just Raised Its Tesla (TSLA) Stock Price Target

Source: Iv-olga / Shutterstock.com

One Wall Street institution seems to think that Tesla (NASDAQ:TSLA) is preparing for a comeback. Analyst Mark Delaney of Goldman Sachs raised his price target for the electric vehicle producer from $175 to $248.

This substantial increase follows Tesla’s recent delivery beat, in which it reported 444,000 deliveries for Q2 instead of the 439,000 that analysts expected.

Does this mean that investors should expect Tesla stock to keep up the momentum? Shares have been on an upward streak for 11 straight days of gains. Let’s take a closer look at this recent Wall Street prediction and assess what it’s likely to mean.

What’s Happening With TSLA Stock

Despite the increased price target, TSLA stock is down slightly as of this writing, diverging from its recent streak.

A closer look at Delaney’s take may explain why. The analyst isn’t actually that optimistic about TSLA stock. His price target of $248 represents downside potential of almost 7%. Additionally, the analyst still calls the stock a “hold” and maintains a neutral rating.

Plus, overall Wall Street sentiment is still extremely mixed on Tesla. While longtime TSLA stock bull Adam Jonas of Morgan Stanley recently reiterated a “buy” rating, most experts aren’t so bullish. Out of 35 surveyed analysts, only 13 call it a “buy”.

InvestorPlace analyst Louis Navellier predicts that it will finish out 2024 in the red. And contributor Joel Baglole warns investors not to be swayed by the company’s recent delivery success.

Why It Matters

While it’s good for Tesla that Goldman Sachs has raised its price target, investors shouldn’t disregard the fact that the analyst’s overall outlook on the company is far from all positive.

Additionally, the quality of Tesla’s cars recently received a downgrade from research firm J.D. Power, which flagged Tesla as posing significant problems for the entire sector.

All in all, sentiment toward TSLA stock remains more negative than positive. This doesn’t bode well for the coming months.

On the date of publication, Samuel O’Brient did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.

Samuel O’Brient is a Reporter for InvestorPlace, where his work focuses primarily on financial markets, global economic trends, and public policy. O’Brient writes a weekly column on recent political news that investors should be following.


Article printed from InvestorPlace Media, https://investorplace.com/2024/07/goldman-sachs-just-raised-its-tesla-tsla-stock-price-target/.

©2024 InvestorPlace Media, LLC