Tesla remains Piper Sandler’s number one “buy-and-hold idea” despite a potentially choppy first half of the year. The investment firm upgraded shares of the electric vehicle maker and “Magnificent Seven” member to an overweight rating on Monday. Piper Sandler previously had not assigned the stock a rating. Shares of Tesla have soared 101% in the last 12 months. Analyst Alexander Potter’s new price target of $500, up from $315, implies that the stock could rise 17% from its current levels. TSLA 1Y mountain TSLA 1Y chart As a catalyst, Potter pointed to emerging artificial intelligence opportunities for Tesla. “We think investors are starting to appreciate Tesla’s potential in ‘real-world’ A.I. , and as a result, PMs are more willing to entertain upside scenarios,” he wrote. “By one year from now, investors should have greater clarity re: new product cadence; this should allow them to focus on other, more exciting topics (e.g. rising FSD [full self-driving] efficacy and the implications for Tesla’s A.I. ambitions).” Potter added that he expects Tesla to post solid post-quarter performance, as long as the company doesn’t “waffle” on launching its new products.
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