Tesla Stock Rises for 11th Straight Session as Goldman Lifts Price Target

Tesla (TSLA) shares vanished higher for an eleventh consecutive convention Wednesday arsenic Goldman Sachs analysts raised their value target for nan electrical conveyance giant's stock.

The banal has been connected a winning streak since nan days starring up to nan merchandise of its second 4th accumulation and transportation numbers, which surpassed analysts' expectations. The caller stretch of gains has allowed Tesla's banal to move backmost into nan greenish for nan year to date.

Tesla successful Strong Position arsenic EV Market Grows

Despite rising competition successful nan electrical conveyance market, analysts person said that Tesla remains successful an advantageous position successful nan manufacture acknowledgment to its existing customer base, varied products from vehicles to package and charging technology, and its plans to merchandise lower-cost models by adjacent year.

Goldman analysts wrote Wednesday that a lower-cost exemplary could person affirmative impacts connected Tesla's marketplace share. The analysts said their information suggests astir half of nan car buying marketplace is astatine aliases beneath $30,000, and that a less-expensive conveyance could thief Tesla beryllium much competitory pinch Chinese competitors that connection cheaper electrical vehicles.

The Goldman analysts pointed to Tesla's evolving self-driving package and its planned robotaxi motorboat adjacent period arsenic early maturation areas, but said it would return clip earlier nan autonomous taxis were wide disposable aliases accepted Tesla vehicles are afloat autonomous.

Market Conditions Could Dent Near-Term Earnings

Goldman raised its Tesla value target from $175 to $248, which is little than wherever Tesla is trading currently, while maintaining a neutral standing connected nan stock.

"While we proceed to judge that Tesla is good positioned for longer-term maturation fixed its beardown position successful nan EV and cleanable power markets," nan analysts wrote, "we expect weaker marketplace conditions to measurement connected net successful nan adjacent to intermediate term."

Tesla is scheduled to study net aft nan closing doorbell July 23, erstwhile nan institution could supply further specifications astir nan robotaxi debut event, presently scheduled for August 8.

Tesla shares gained 0.4% Wednesday to adjacent astatine $263.26. The banal has gained 44% complete nan past 11 sessions.

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