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

Stock Has Gained 44% During Streak

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Key Takeaways

Tesla stock extended its winning streak 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’s analysts lifted their price target on the stock while maintaining a neutral rating.

Investors are looking ahead to Tesla earnings later this month, as well as an event next month at which Elon Musk has said Tesla will debut its “robotaxi.”

Tesla (TSLA) shares finished higher for an eleventh straight session Wednesday as Goldman Sachs analysts raised their price target for the electric vehicle giant’s stock.

The stock has been on a winning streak since the days leading up to the release of its second quarter production and delivery numbers, which surpassed analysts’ expectations. The recent stretch of gains has allowed Tesla’s stock to move back into the green for the year to date.

Tesla in Strong Position as EV Market Grows

Despite rising competition in the electric vehicle market, analysts have said that Tesla remains in an advantageous position in the industry thanks to its existing customer base, varied products from vehicles to software and charging technology, and its plans to release lower-cost models by next year.

Goldman analysts wrote Wednesday that a lower-cost model could have positive impacts on Tesla’s market share. The analysts said their data suggests about half of the car buying market is at or below $30,000, and that a less-expensive vehicle could help Tesla be more competitive with Chinese competitors that offer cheaper electric vehicles.

The Goldman analysts pointed to Tesla’s evolving self-driving software and its planned robotaxi launch next month as future growth areas, but said it would take time before the autonomous taxis were widely available or traditional Tesla vehicles are fully autonomous.

Market Conditions Could Dent Near-Term Earnings

Goldman raised its Tesla price target from $175 to $248, which is lower than where Tesla is trading currently,…

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