Wedbush Slaps $500 Target on Tesla, Rejoins Top Wall Street Bulls

• Wedbush raised its Tesla (TSLA) price target to $500 from $350, driven by optimism for the June launch of fully autonomous vehicles in Austin, Texas.
• Analysts, led by Dan Ives, see the “vast majority” of Tesla’s $1.1 trillion valuation tied to its autonomous technology, with Musk’s reaffirmed commitment as CEO for five years boosting confidence.
• Despite earlier concerns over Musk’s government role, his focus on Tesla’s autonomous rides and affordable vehicle plans supports expectations for a new growth era.

Tesla Inc. (TSLA) shares rose 0.48% to $342.58 in midday trading Friday, as Wedbush analysts lifted their price target to $500 from $350, reclaiming the highest target tracked by Visible Alpha. The $1.1 trillion market cap electric vehicle maker is poised for significant growth, with analysts, led by Dan Ives, emphasizing that the “vast majority” of Tesla’s valuation upside hinges on its autonomous technology, particularly with the planned June launch of fully autonomous vehicles in Austin, Texas. This target, close to Wedbush’s prior $550 goal, reflects renewed confidence in Tesla’s trajectory despite earlier concerns over a “brand crisis tornado” tied to CEO Elon Musk’s involvement in the Trump administration.

The optimism stems from Tesla’s strategic focus on autonomous driving, a critical driver of its future growth, as the company prepares to roll out paid autonomous rides and a more affordable vehicle. Musk’s recent statements in interviews on Tuesday reaffirmed his commitment to leading Tesla as CEO for the next five years, dispelling speculation about a potential successor search. Ives noted a “different Musk” who appears more dedicated to Tesla following Musk’s comments last month about scaling back government work. This shift has reassured investors, as Tesla’s advancements in AI and self-driving technology are seen as pivotal to maintaining its competitive edge in the electric vehicle market. The broader industry context supports this outlook, with growing demand for sustainable transport and smart mobility solutions. However, challenges such as regulatory hurdles for autonomous vehicles and production scaling could test Tesla’s ambitions. With the June launch marking the start of a new growth era, Tesla’s ability to execute on its autonomous vision will be crucial in justifying its lofty valuation and sustaining investor enthusiasm.

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