Tesla stock appears set to pause after 13 consecutive advances, but analysts predict shares will run higher this year, buoyed by the EV giant's recent supercharger partnerships with General Motors and Ford.
TSLA fell 0.35% to 255.90 Thursday during market trade. On Wednesday, Tesla dropped 0.74% to 256.79, snapping a run of 13 straight gains. Shares have advanced 137% in 2023 and are up nearly 26% in June. However, Tesla stock is down around 38% from the all-time high of 414 it hit in November 2021.
RBC Capital analyst Tom Narayan Thursday morning raised the firm's price target on Tesla stock to 305, up from 212. The target is 19% above where shares closed Wednesday. Narayan maintained an "Outperform" rating on TSLA.
The analyst cited Tesla's Full Self Driving (FSD) capabilities and its "robotaxis" plan. Narayan wrote Thursday he "conservatively" estimates 25% Tesla robotaxi penetration in the U.S., driven by consumers switching away from private-vehicle ownership.
Meanwhile, GM and Ford recently came to agreements with Tesla to gain access to its supercharger network.
Wedbush analyst Daniel Ives, a longtime Tesla bull, told investors late Wednesday Tesla has built an "EV castle with its supercharger network, battery technology, and FSD software ecosystem that is unmatched globally compared to any other auto player."
Tesla Stock
Ives also maintained an "Outperform" rating and 300 price target for Tesla stock.
"Tesla's recent surge is a recognition from Wall Street that with the Ford and GM supercharger partnerships, Tesla's sum-of-the-parts valuation is now finally starting to get tapped into," Ives said.
The Wedbush analyst estimates Ford and GM together could add around $3 billion to services EV charging revenue for Tesla over the coming years.
TSLA has jumped around 5% this week, but appears to be pausing.
Tesla stock is now well extended past a 207.79 buy point from what's either a cup or a double-bottom base. Shares are more than 30% above their 200-day/40-week moving average. That's the most extended they've been since the stock marked its peak in November 2021.
Meanwhile, Tesla appears to be trying to move Model 3 inventory. On Wednesday, the EV giant began offering customers who order a Model 3 between June 14-June 30 three-months of unlimited free supercharging, according to the company's website.
Tesla ranks third in IBD's automaker industry group. It has a 98 Composite Rating out of 99. Tesla stock has a 90 Relative Strength Rating and its EPS Rating is 93 out of 99.
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