Tesla (TSLA) shares are approaching their highest price of the year as a rally for electric vehicle (EV) stocks extended into Wednesday, with several analysts raising price targets for the company after its second-quarter deliveries surpassed expectations.
Bank of America and Wedbush Securities analysts raised their price targets to $260 and $300, respectively, up from previous marks of $220 and $275. J.P. Morgan analysts, however, were less optimistic about the deliveries numbers, maintaining an “underweight” rating and price target of just $115.
Demand for electric vehicles appears to be stabilizing across the globe after dipping earlier in 2024, Wedbush analysts wrote in a Tuesday note, adding that Tesla’s deliveries figures marked a “major turning point” after a “very choppy start” to the year.
Bank of America analysts wrote Tuesday that “the increasing number of more affordable offerings this year and going forward should drive EV volumes higher.”
Deliveries data from some of Tesla’s competitors …