Deutsche Bank Elevates Tesla Price Target, Boosting Robotaxi Outlook
Deutsche Bank escalated its Tesla price target from $440 to $470 this Sunday, accounting for higher estimates for Tesla’s autonomous robotaxi venture. This new target implies a 3% increase from Friday’s closure, with Tesla shares witnessing a 16% rise year-to-date.
The revision follows CEO Elon Musk’s statements on various podcasts, suggesting that Tesla should have 1,000 or more robotaxis in operation in the Bay Area by the end of the year, along with at least 500 in Austin. Analyst Edison Yu anticipates that the company could surpass 2,500 autonomous vehicles by mid-2026, expanding into additional cities such as Las Vegas, Phoenix, and Miami.
“While that number may appear small, Waymo has captured over 20% of the ride-hail market share in San Francisco with what we estimate to be around 800 autonomous vehicles,” Yu observed. Tesla is gearing up for a pivotal shareholder vote on November 6, which could shape the future of its robotaxi aspirations.
Source: CNBC