A few catalysts have set Tesla up for more outperformance in the coming months, according to Canaccord Genuity. Analyst George Gianarikas, who has a buy rating on the electric vehicle maker, hiked his price target by $20 to $298. That implies more than 10% upside from Friday’s close. Gianarikas finds that Tesla’s earnings trends will get closer to other “Magnificent Seven” names in the current quarter and outpace them next year. “Tesla’s stock underperformed since the beginning of 2022 as [profit and loss] trends deteriorated,” he continued. “The stock appears to have also bottomed as P & L trends bottomed in 1Q24. We see the stock as likely to follow the upcoming P & L acceleration in our estimates and outperform.” “Longer term, Tesla also has a generational set of growth opportunities ahead, including EVs, autonomy/AI, energy storage, and robotics,” he said. The call comes after Tesla reported third-quarter earnings that beat analyst expectations. The company also got a boost after CEO Elon Musk predicted “vehicle growth” of at least 20% next year. Shares rallied nearly 22% last week and closed at their highest level in over a year. Additionally, the analyst finds that Tesla has a “favorable” technical outlook, as it’s still bullish in the medium term even after last week’s rally. TSLA YTD mountain TSLA, year-to-date Shares were marginally higher in the premarket following the move. The stock has risen more than 8% in 2024.
