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  • Writer's pictureRealFacts Editorial Team

Tesla’s Skyward Momentum: Analyst Raises Price Target Following Stellar Q2 Deliveries


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Dan Ives CNBC analyst was reported saying, “After a very choppy start to 2024 for Musk & Co., we believe the Tesla demand story has made a significant turn for the positive with stronger than expected 2Q deliveries this morning marking a ’major turning point’ in the Tesla bull case story looking ahead into 2H24/2025,” Wedbush analyst Dan Ives updated his view on Tesla after the electric vehicle maker’s strong performance in the second quarter. Tesla exceeded delivery expectations, prompting Ives to raise his 12-month price target by 9% to $300, up from $275 previously. This adjustment implies a potential 30% increase from Tesla’s recent closing price of $231.26. Ives also revised his optimistic scenario, forecasting Tesla’s stock could reach $400 by 2025.


In a client note, Ives emphasized Tesla’s rebound in demand, highlighting the second-quarter deliveries as crucial for reinforcing the company’s positive outlook for the latter half of 2024 and beyond. Tesla delivered 443,956 vehicles in Q2, surpassing analyst forecasts and significantly boosting investor confidence. This unexpectedly strong performance led Tesla’s share price to rise nearly 17% during the week, indicating strong market support for Tesla’s achievements.


Ives noted that Tesla’s recent accomplishments reflect a stabilization in global electric vehicle demand, particularly in key markets like China. He anticipates Tesla will sustain its momentum, aiming for an annual delivery rate of 2 million units in the upcoming quarters, bolstered by favorable comparisons and ongoing market dynamics. Following this robust market reaction, Tesla has reduced its year-to-date decline to about 7%, signaling renewed investor confidence.

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