Tesla Edges Higher After-Hours as Four Wall Street Firms Boost Price Targets Ahead of Q2 Earnings
Tesla (TSLA) inched up 0.36% in after-hours trading Monday after at least four Wall Street firms raised their price targets on the stock ahead of its Q2 earnings report. UBS led the upgrades, citing expectations for a strong earnings beat.
Ahead of its Q2 earnings report, Tesla (TSLA) has received price-target upgrades from at least four Wall Street firms in recent days, fueling optimism around the upcoming print. The stock edged higher in after-hours trading Monday.
- After-hours uptick: As of 6:00 PM ET Monday, Tesla (TSLA) was trading at $396.18 in extended hours, up 0.36% (+$1.42) from its close of $394.76.
- Intraday range: The stock hit a high of $402.22 and a low of $394.76 during Monday's regular session, opening at $399.05.
- Prior-day decline: Tesla shares fell 3.34% in regular trading on July 13, closing at $394.16, according to MarketBeat.
- UBS raises target: UBS lifted its price target on Tesla on July 14, projecting a strong Q2 earnings beat, per TipRanks.
- Analyst bullishness: Multiple firms, including UBS, have turned increasingly bullish on Tesla over the past week, with a flurry of target upgrades.
With Q2 earnings season approaching, Tesla (TSLA) has become a focal point for Wall Street analysts. The stock edged higher in after-hours trading Monday, sitting at $396.18 as of 6:00 PM ET, up 0.36% from its close of $394.76.[Finnhub] During Monday's regular session, shares touched a high of $402.22 and a low of $394.76, opening at $399.05.[Finnhub] Notably, the stock fell 3.34% in the prior trading session on July 13, closing at $394.16.[MarketBeat]
Analysts Raise Targets Ahead of Earnings
Ahead of Tesla's Q2 earnings release, several Wall Street banks have raised their price targets on the stock. UBS issued a report on July 14 lifting its target, forecasting a strong Q2 earnings beat, according to TipRanks.[TipRanks via CNN] The move is the latest sign of growing bullish sentiment among analysts.
Other firms have also turned optimistic recently. On July 10, for instance, an analyst cited topics like "lunar colonies to be occupied by Tesla robots" in a note on the stock.[TipRanks via CNN] While the relevance of such themes varies, they underscore the market's focus on Tesla's long-term narrative and growth potential.
Earnings Season Backdrop: Profit Growth Expectations in Focus
The price-target upgrades for Tesla come against a broader earnings-season backdrop. Wall Street analysts are raising profit expectations for a number of stocks whose share prices have declined, making them more attractive on valuation as they enter Q2 earnings season, according to CNBC.[CNBC] Nicole Inui, head of Americas equity strategy at HSBC Global Research, noted that expectations for Q2 are high but concentrated in sectors with relatively strong earnings visibility.[CNBC] The market broadly expects S&P 500 companies to report 22% year-over-year EPS growth in Q2, which would be the strongest since the post-pandemic period.[CNBC]
SpaceX Also Draws Market Attention
SpaceX (SPCX), another company led by Tesla CEO Elon Musk, has also been in the spotlight. According to Barron's, SpaceX stock is so complex that it took three analysts to issue a "buy" rating.[Barron's] The report noted that SpaceX is poised to disrupt the tech, aerospace, and telecom industries, while also shaking up Wall Street.[Barron's] Earlier, SpaceX received a Street-high price target of $800.[TipRanks via CNN] However, SpaceX shares fell 4.24% on July 13, according to CNN data.[CNN]
Sources
- TipRanks — UBS Raises Tesla (TSLA) Stock Price Target, Expects Strong Q2 Earnings Beat
- MarketBeat — Cipher Mining (NASDAQ:CIFR) Stock Price Down 7.3% on Insider Selling
- CNBC — Earnings season plays: Profit expectations are growing for these stocks while their valuations get cheaper
- Barron's — SpaceX Stock Is So Complex It Took 3 Analysts to Call It a Buy
- CNN — SPCX Stock Quote Price and Forecast
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