Tesla just released its third-quarter earnings report and it's a mixed signal for investors. While the electric vehicle (EV) maker beat revenue expectations, it fell short on earnings per share. However, don't hit the brakes just yet! Exciting developments could still increase Tesla's share price in the long run.
One of the biggest news around Tesla is the ongoing testing of its full self-driving (FSD) beta software. It's still in its early stages but successful implementation could shake up the automotive industry and give Tesla a massive competitive edge. Imagine a world where your Tesla drives you to work while you relax or catch up on emails in the back. This comes with Tesla's continued expansion into new markets and energy solutions which have investors keeping a close eye on the company.
Here’s a quick summary:
Tesla’s share price has climbed 25% since its Q3 earnings report. It now faces a critical test at the $270 resistance level, a point where previous rallies in September 2023 and July 2024 stalled. Wall Street’s positive response includes upgrades from analysts like Stifel, which raised its target to $287, and Piper Sandler, which increased its target to $315, reflecting optimism about Tesla’s growth in EVs and potential in autonomous driving. Historically, Tesla's share price has shown strong gains in the months following high performance days with analysts often raising targets that support further upward momentum.
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** This article was prepared by BROKSTOCK analyst Maboko Seabi
