Tesla Stock Is Rising On Tuesday. Here’s What’s Going On.

Tesla Stock Is Rising On Tuesday. Here’s What’s Going On. (Benzinga Newswire) 3/26/20245:40am

Tesla Shares Are Rising On Tuesday. A New Report Says Italy Approached Tesla On Electric Truck Production.

What Happened: A new report by Italian media outlet Il Sole 24 Ore is underlining reports that officials from Italy’s industry ministry have reached out to Tesla about the possibility of producing electric trucks in the country.

Italy has reportedly been in talks with Tesla and three Chinese EV makers since last year, and the deal has been escalating in recent weeks.

Reuters reported last month that Italy was in talks with Tesla and three Chinese carmakers to boost EV production in Italy.

Italy says it aims to produce at least 1.3 million vehicles a year, including 1 million passenger cars and 300,000 vans.

What else happened: On Tuesday, Bernstein analyst Tony Sakonagi became the latest analyst to lower his estimate for Tesla.

Bernstein’s analyst maintained Tesla’s rating and lowered the price target from $150 to $120.

The price target comes a day after Mijuho analyst Vijay Rakesh sent Tesla and other EV makers lower, citing weak demand and rising inventories.

“We believe TSLA will maintain a strong market share in the global EV market, but at the current interest rate level, growth slows and there is limited margin leverage,” Rakesh said.

Beyond this: ‘Consumers won’t choose hybrid vehicles,’ Las Gerber believes Tesla’s ‘outstanding performance’ battery makes EV the best choice.

TSLA Stock Forecast 2024

When holding a stock for a long time, it’s important for investors to evaluate where it’s headed in the future.

Investors should take into account their expected performance on future earnings expectations and benchmarks when writing future trajectories for stocks.

Tesla’s sales averaged an annualized growth of 42.28% over the past 5 years. The average one-year price target of analysts is $246.18, indicating an increase of 38.37% expected in 2025.

While past performance does not guarantee future results, investors should consider comparisons with the company’s peers by looking at the stock’s past performance.

The Tesla stock showed an average annual return of -5.76%, compared to the S&P 500 index. That compares to the consumer goods sector, which grew 3.95% overall. Tesla has a beta of 0.62.

TSLA Price Change: Tesla shares are up 3.11% at $177.99 at publication time, according to Benzinga Pro.