July 22, 2024

Ferrum College : Iron Blade Online

Complete Canadian News World

Tesla shares rise for 11th straight session as Goldman Sachs raises price target

Tesla shares rise for 11th straight session as Goldman Sachs raises price target

The stock gained 44% during the trading period.

<p>Smith/Gado Collection/Getty Images</p>
<p>” src=”https://s.yimg.com/ny/api/res/1.2/V5JWVLqUKvP2zESf0LYy6w–/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTY0MA–/https://media.zenfs.com/en/investopedia_245/5d537f86453c890f1385599001fa7fb5″/></p>
<p>Smith/Gado Collection/Getty Images</p>
<p>” src=”https://s.yimg.com/ny/api/res/1.2/V5JWVLqUKvP2zESf0LYy6w–/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTY0MA–/https://media.zenfs.com/en/investopedia_245/5d537f86453c890f1385599001fa7fb5″ class=”caas-img”/></p></div>
<div class=

Smith/Gado Collection/Getty Images

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

  • The stock has gained 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’s earnings later this month, as well as an event next month where Elon Musk said Tesla will launch its own “robotaxis.”

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 in the second quarterwhich exceeded analysts’ expectations. Extended earnings Tesla stock allowed to return to green 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 and diverse products from vehicles to software and charging technology. 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.

See also  Twitter has sued for non-payment of rent for the San Francisco headquarters since Elon Musk's takeover

Goldman analysts pointed to Tesla’s advanced self-driving software and its 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 Sachs raised its price target on Tesla shares from $175 to $248, which is below the price Tesla is currently trading at, 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 launch event, which is currently scheduled. August 8.

Tesla shares rose 0.4% on Wednesday to close at $263.26. Shares have risen 44% over the past 11 sessions.

<صTradingView src=https://s.yimg.com/ny/api/res/1.2/d08qAuV9xgLTW87BuYlg8A–/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTU1OA–/https://media.zenfs.com/en/investopedia_245/923b77ffe72c10b3ded10813c9ea50c4><ص"/>TradingView src=https://s.yimg.com/ny/api/res/1.2/d08qAuV9xgLTW87BuYlg8A–/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTU1OA–/https://media.zenfs.com/en/investopedia_245/923b77ffe72c10b3ded10813c9ea50c4 class=caas-img>

Read the original article on Investopedia.