Tesla stock rises for 11th straight session as Goldman raises price target

Tesla stock rises for 11th straight session as Goldman raises price target

The stock has gained 44% over its streak.

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  • Tesla stock continued its winning streak on Wednesday as markets continued to react positively to last week’s encouraging delivery numbers.

  • The stock is up 44% during an 11-session winning streak.

  • Goldman Sachs analysts raised their price target on the stock while maintaining a neutral rating.

  • Investors are looking ahead to Tesla earnings later this month, as well as an event next month where Elon Musk said Tesla will debut a “robo-taxi.”

Tesla (TSLA) shares closed higher for the 11th straight session on Wednesday as Goldman Sachs analysts raised their price target on the electric car giant’s stock.

The stock has been on a winning streak since the days leading up to its release. Production and delivery figures for the second quarterWhich exceeded analysts’ expectations. Recently Extended earnings Tesla stock allowed to return to the green zone year to date.

despite of Increasing competition In the electric vehicle market, analysts said Tesla remains in a unique position in the industry thanks to its existing customer base, its diverse product offering from vehicles to software and charging technology, and its strength. Plans to launch lower-cost models By next year.

Goldman Sachs analysts wrote Wednesday that the lower-cost model could have a positive impact on Tesla’s market share. The analysts said their data suggests that about half of the car-buying market is priced at $30,000 or less, and that a lower-cost car could help Tesla better compete with Chinese rivals offering cheaper electric vehicles.

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Goldman Sachs analysts pointed to Tesla’s advanced self-driving software and a planned launch of a robotaxi next month as future growth areas, but said it would be some time before self-driving taxis become widely available or traditional Tesla cars become fully autonomous.

Goldman raised its Tesla price target from $175 to $248, which is below where Tesla is currently trading, while maintaining a neutral rating on the stock.

“While we continue to believe Tesla is well positioned for long-term growth given its strong position in the electric vehicle and clean energy markets, we expect weaker market conditions to weigh on earnings in the near- to medium-term,” the analysts wrote.

Tesla is scheduled to report earnings after the closing bell on July 23, when the company could provide additional details about its robotaxi debut event, which is currently scheduled to take place. August 8.

Tesla shares rose 0.4% on Wednesday to close at $263.26. The stock has gained 44% over the past 11 sessions.

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