Summary of Tesla’s Stock Performance in 2024
Despite a strong recovery in the second and at the start of the third quarter, Tesla’s electric vehicle (EV) maker has been facing significant challenges in 2024. The company has experienced turbulence due to a substantial slowdown in demand and issues such as a recall of 1.6 million vehicles in China stemming from software problems. The broader market slump in early August has also impacted Tesla’s performance, leaving the company in the red for the year-to-date chart.
Analysts Forecasts on Tesla Stock Price
The analyst consensus for Tesla shares reflects the company’s stock market performance in 2024. Overall, Tesla’s stock boasts a ‘neutral’ rating, with experts divided on whether to buy, sell, or hold the stock. Price targets range from as low as $85 to as high as $400 within the next 12 months.
- 22 out of 56 experts rate Tesla as ‘neutral’
- 22 experts consider Tesla as a ‘buy’ or ‘strong buy’
- 12 experts rank Tesla as ‘sell’ or ‘strong sell’
- Highest price target: $400
- Lowest price target: $85
Tesla Stock Street High and Low Expert Ratings
The Street high prediction for Tesla stock sees potential for a 100% increase to $400 within the next 52 weeks. Global Equities Research attributes this bullish outlook to strong demand for Tesla vehicles and the $7,500 point-of-sale EV credit. On the other end, Roth MKM has the lowest 12-month price target at $85 due to recent disappointments in earnings and event postponements. GJL Research’s $22 price target reflects a cautious outlook on Tesla’s future.
- Global Equities Research: $400 price target
- Roth MKM: $85 price target
- GJL Research: $22 price target
Notable Price Target Revisions in August
Recent price target revisions in August have ranged from cautious to cautiously optimistic. The Royal Bank of Canada maintained a ‘buy’ rating but lowered the price forecast, while Cantor Fitzgerald reiterated a ‘neutral’ rating with a 12-month prediction of $245.
Hot Take: Evaluate Risks and Potential Rewards Before Investing in Tesla Stock
When considering investing in Tesla stock, it is important to weigh the risks and potential rewards. While analysts have varying opinions on the company’s future performance, the decision to buy, sell, or hold Tesla stock should be based on a thorough evaluation of market trends and company developments.
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