Tesla Price Target Raised To $300 By Wedbush Analyst Dan Ives Amid $1 Trillion Tech Potential: 'The Most Undervalued AI Name'

Benzinga Neuro

July 02, 2024

Tesla Inc. (NASDAQ:TSLA) has seen its price target raised by Wedbush analyst Dan Ives to $300, with a bull case of $400, as the company’s AI story gains traction.

What Happened: Ives took to X to announce the revised price target, citing a positive shift in Tesla’s demand story for the second half of 2025. He also highlighted the potential of Tesla’s AI story, which he believes could be worth over $1 trillion, making it the most undervalued AI name. The new price target represents a significant increase from the previous $275.

“We believe the Tesla demand story has made a significant turn for the positive heading into 2H/2025. Tesla AI story could be worth $1 trillion+ and is the most undervalued AI name in our view,” Ives wrote.

We are raising our price target on Tesla from $275 to $300; new bull case of $400. We believe the Tesla demand story has made a significant turn for the positive heading into 2H/2025. Tesla AI story could be worth $1 trillion+ and is the most undervalued AI name in our view🐂🍿🏆
— Dan Ives (@DivesTech) July 2, 2024

Despite a year-on-year decline in second-quarter deliveries, Tesla’s performance has improved from the first quarter. This was seen as a positive sign by Ives, who had previously suggested that the worst may be behind Tesla after the second-quarter deliveries beat estimates.

See Also: Jim Cramer Has A Market Strategy: Interest Rates Up, Buy Mag 7; Rates Down, Buy Everything

Why It Matters: The recent developments at Tesla have been closely watched by analysts and investors. The company’s stock rallied after the second quarter deliveries report, with some speculating that the company may have achieved “escape velocity.” This term refers to a situation where a company’s stock price breaks through a resistance level, leading to a significant upward trend.

Despite being a popular stock to short, Tesla’s strong performance has led to a warning from CEO Elon Musk that short sellers will be “obliterated.” The company’s second-quarter deliveries report was seen as a turning point, with some analysts suggesting that the worst may be behind Tesla.

Price Action: Tesla Inc. shares closed at $231.26 on Tuesday, up $21.40 or 10.20% for the day. In after-hours trading, the stock dipped 0.035%. Year to date, Tesla’s stock has decreased by 6.91%, according to data from Benzinga Pro.

Read Next:

Bill Gates Hired Steve Ballmer As The First Business Manager At Microsoft And Now Is Behind Him On The Billionaire’s Index, Thanks To AI

Image Generated With AI Via Midjourney

This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote

Recommended

The Mysterious Tale of "America's No. 1 Retirement Stock" - Ad

Dem Election Plot To Create "Chaos Rally" Phenomenon? - Ad

Nagging Feeling That Something Is Off in America? - Ad

Former President Donald Trump has made a decision on his vice presidential nominee for the forthcoming election.

These Are The Top Democratic Contenders Who Could Succeed Biden If President Were To Bow Out Of

In the wake of a debate performance that drew widespread criticism, speculation has been reignited about whether President Joe Biden should bow out before the November election.

Buy These 3 Stocks Before the FDA's Anticipated Announcement

Buy These 3 Stocks Before the FDA's Anticipated Announcement - Ad

See this ASAP! This could NOT be more urgent.... Ian King has identified 3 little-known stocks that could go up 10X in the coming years. It's all thanks to a breakthrough product that could save billions of lives. Maybe even yours.

XPeng's Flying Car Takes Off In China, Aims For Commercialization By End Of The Year

China's XPeng Inc. successfully showed off its flying car, the X2, at a trade fair, signaling a push towards commercialization in the low-altitude economy.

Trump Vs. Biden: New 2024 Election Poll Show Tie, But Here's Who Independent Voters Favor

A new 2024 election poll shows Donald Trump and Joe Biden tied. The poll shows inflation a key concern for voters moving forward.

"If I Had To Pour Every Single Penny of My Retirement Into Just ONE STOCK..."

"If I Had To Pour Every Single Penny of My Retirement Into Just ONE STOCK..." - Ad

The former Goldman Sachs VP -- who called everything from Microsoft's 1,100% surge... to the death of the 60/40 portfolio -- is now stepping forward with his most explicit message yet: "Make this ONE STOCK the cornerstone of your portfolio."

Michael Dell Says Generative AI Tech Wave Sweeping In Much Faster Than Early Internet: 'It's Happening Maybe 10 Times Faster'

Michael Dell, CEO of Dell Inc., compared the rise of generative AI to major technological advancements like the internet, noting its rapid adoption and significant impact on the global market.

New York City Clerks Mistakenly Approve Paperwork That Falsely Tied Ivanka Trump And Hillary Clinton To $150 Million Real Estate Scam

The NYC Register's office was duped into filing fake deeds involving Ivanka Trump and Hillary Clinton in a $150 million real estate deal.

Former CIA Insider: Rare Chaos Rally Is Coming [Potential Huge Gains]?

Former CIA Insider: Rare Chaos Rally Is Coming [Potential Huge Gains]? - Ad

A former CIA insider is now predicting... This summer, a rare financial event could happen in America, a phenomenon called a "Chaos Rally." It last happened in 1968, 1992, and most recently in 2014. Good Americans who know exactly what to do... Could get in on it for huge financial gains. The coming "Chaos Rally" could be connected to Biden dropping out of the presidential race.

El-Erian Warns Of Economic Risks Without Prompt Fed Rate Cuts: 'What Really Matters Is Where They Finish'

Mohamed El-Erian, the chief economic adviser at Allianz, has urged the Federal Reserve to initiate interest rate cuts at the earliest to prevent potential economic instability.

Biden Widely Criticized Over Debate Performance, But Poll Also Points To Concerning Signs For Trump

In the aftermath of the initial 2024 presidential debate, a recent poll reveals a decline in President Joe Biden's mental and physical fitness ratings.

"America's No. 1 Retirement Stock" (Name Inside)

"America's No. 1 Retirement Stock" (Name Inside) - Ad

According to the former Goldman Sachs VP -- who wrote a best-selling book on retirement -- one single stock stands head-and-shoulders above all others. And it should be the cornerstone of your portfolio. Have you heard of it?

Undersea explorers mark a tragic day. Things to know about the Titan disaster anniversary

PORTLAND, Maine (AP) — A year after an experimental submersible imploded en route to the Titanic, unanswered questions linger — with no immediate answers.

Canada to start 30-day consultation to impose surtax on Chinese electric vehicles

TORONTO (AP) — Canada's government is investigating whether to impose a surtax on imports of .

America Has New Type of Money, Making Some Rich...Should You Get It?

America Has New Type of Money, Making Some Rich...Should You Get It? - Ad

One of America's most controversial CEOs says, "A new form of money in America is making some people (including Elon Musk, Jeff Bezos, and 17 of America's 25 wealthiest individuals), rich. It has nothing to do with gold, bitcoin, or anything like that, but it's 100% legal. The problem? Few Americans have a real understanding of how it works.

Elon Musk Responds To Vivek Ramaswamy As To Who's Running The Country After Trump-Biden Debate: 'Maybe Nobody'

Tesla Inc. CEO Elon Musk gave a cryptic response to a comment from former GOP candidate Vivek Ramaswamy about who's actually running the country.

Apple 'May Be The Best Of All The Magnificent Seven From Now To Year-End,' Says Tech Investor Dan Niles

Renowned tech investor Dan Niles has made a bullish prediction for Apple Inc, foreseeing the company's ascent to the top of the 'Magnificent Seven' by the year's end.

Former CIA Insider: Biden Wants Backroom Deal For Pardon?

Former CIA Insider: Biden Wants Backroom Deal For Pardon? - Ad

A former CIA insider just made a stunning prediction: Is Biden making a backroom deal... To drop out of the presidential race... In exchange for a pardon for his crimes? This would create a rare economic phenomenon... The little-known "Chaos Rally". Good Americans who know exactly what to do could potentially collect huge financial gains.

What's Going On With Taiwan Semi Stock On Wednesday?

Taiwan Semiconductor Industry to maintain global lead for 8-10 years, urged to ensure research security and develop grand strategy for changing supply chains.

Majority of Americans favor forgiving medical debt, AP-NORC poll finds

NEW YORK (AP) — Janille Williams wants to buy a house someday — but first, he has to pay down tens of thousands of dollars in medical debt.

July 29 Deadline: The No. 1 Monthly Dividend ETF

July 29 Deadline: The No. 1 Monthly Dividend ETF - Ad

It's paying 161% bigger dividends than aristocrats, and it's up 5.62% since making its newest announcement. If you add it to your portfolio before July 29, you'll secure a payout of $2.05 PER SHARE!

Biden Camp Mocks Trump For His 'Accomplishments' As Ex-President Celebrates Birthday: 'Our Early Gift For Your 79th: Making Sure You Are Never President Again'

As Donald Trump celebrated his 78th birthday, the Biden campaign marked the occasion by highlighting his controversial moments and legal troubles.

Why Adobe's Shares Are Trading Lower Monday

Adobe sees a dip in its shares following a lawsuit by the FTC, which accuses the company of not fully disclosing termination fees, thus trapping consumers in costly year-long subscriptions.

What's the Big Thing Musk, Bezos and Tim Cook All Have in Common?

What's the Big Thing Musk, Bezos and Tim Cook All Have in Common? - Ad

Study finds global luxury sales flattening amid self-inflicted creativity crisis and price hikes

MILAN (AP) — The post-pandemic surge in global sales of luxury handbags, shoes and apparel is set to stall this year amid a creativity crisis and price hikes as brands shift focus to the biggest spending customers, a new study by the Bain consultancy said Tuesday.

Microsoft, Amazon Or Palantir: Reddit Users Debate How To Invest $4,900

Reddit users debate best stock picks for $4.9K investment. Microsoft and Amazon seen as strong choices, while Palantir's potential sparks debate.

The Presidential Candidate You Should Really Be Worried About

The Presidential Candidate You Should Really Be Worried About - Ad

Most Americans are overlooking the seemingly impossible candidate that should worry you. It's not Biden... Trump... Newsom... or even Michelle. It's someone even worse. New evidence of a secret plan indicates he could soon return, and finish what he started.

Judge overseeing NFL 'Sunday Ticket' trial voices frustrations over the case

LOS ANGELES (AP) — The federal judge presiding over the filed by “Sunday Ticket” subscribers against the NFL voiced frustrations Tuesday with the way the plaintiffs' attorneys have handled their side of the case.

What's Going On With Archer Aviation Stock?

Archer Aviation shares are trading higher Friday. The company announced a planned air mobility network in the San Francisco Bay Area on Thursday. Here's a look at what to know:

Big Tech Is Spending Billions Each Month on This AI Superproject

Big Tech Is Spending Billions Each Month on This AI Superproject - Ad

Big Tech is committing billions each month to the construction of these AI mega data centers. This is where Nvidia, comes in. It's quietly leaning on a set of what we call Silent Partners to get the job done. These companies could benefit greatly from this next wave of the AI boom.

UPS agrees to sell its freight-brokerage division for less than it paid for the business in 2015

ATLANTA (AP) — United Parcel Service said Sunday it agreed to sell its Coyote Logistics division to RXO for just over $1 billion — less than it paid for the freight-brokerage company in 2015 — to focus more on its core package-delivery business.

Marques Brownlee Mourns Fisker's Bankruptcy: 'Need More Competition In The EV Space, But This One Never Made It Over The Hill'

Marques Brownlee, the prominent tech YouTuber known as MKBHD, expressed his disappointment over the bankruptcy of Fisker Inc., underlining the need for more competition in the electric vehicle sector.

The 7th Trillion Dollar Company?

The 7th Trillion Dollar Company? - Ad

There are six American companies worth over $1 trillion. Could there be a seventh soon? This company signed a massive deal with Apple until 2040 and is also involved with Nvidia, Google, and Samsung. Could this be the next trillion-dollar company? A top stock expertpicker thinks so.

Robert F. Kennedy Jr. Is Facing Significant Financial Challenges In His Run Against Donald Trump And Joe Biden: Report

Robert F. Kennedy Jr.'s presidential campaign is grappling with significant financial challenges, impacting his ability to gain traction as a third-party contender in the 2024 election.

Verizon, AT&T, And T-Mobile Set For Gains, Goldman Sachs Cites AI and Data Center Demand

Goldman Sachs analyst James Schneider initiates coverage on US Telecom Services and infrastructure sector, constructive on wireless carriers and data centers.

Elon Musk's Chilling Warning for Humanity

Elon Musk's Chilling Warning for Humanity - Ad

Elon Musk warned that humanity will soon be 'obsolete.' Every port, railroad, highway, and airport in America is facilitating a kind of 'invasion' that will bring about centuries worth of change in the next few years. If Elon and the research are correct -- the results could be devastating for the average American.

Bitcoin At 'Do-Or-Die' Level And Dogwifhat 'Just Looks Sh*t,' Says Top Trader: 'Can't Pin This On Me'

Bitcoin (CRYPTO: BTC) is currently at a critical juncture, according to a prominent crypto analyst.

Bankruptcy judge approves sale of Express Inc to group led by WHP Global

NEW YORK (AP) — A U.S. bankruptcy judge has approved the sale of the majority of 's operations to a consortium led by brand acquisition and management firm WHP Global — providing a lifeline to the struggling retailer and its hundreds of remaining stores.

New "Living Missile" to Replace Nuclear Missiles

New "Living Missile" to Replace Nuclear Missiles - Ad

CBS News Reports: "It's an entirely new type of weapon." The New York Times Reports: "No existing defense can stop it." And one small company is building them for the Pentagon!

Ford's F-150 Lightning-Based Supertruck To Climb Pikes Peak Over Weekend, Keeping Up With Model T Legacy

Ford's electric F-150 Lightning supertruck will compete at Pikes Peak on June 23, testing EV powertrains for future production vehicles.

Trending Now