March 3 - Wedbush analyst Dan Ives has labeled Tesla (TSLA, Financial) a “$2 trillion bet” as he sets a $550 price target. Ives envisions the electric vehicle giant evolving into a diversified technology leader driven by advances in artificial intelligence and autonomous driving.
Tesla's stock, which closed Friday at $292.98, has experienced a more than 27% decline year-to-date. The company currently holds a market cap of $942.4 billion and has traded between a 52‐week low of $138.80 and a high of $488.54, highlighting its ongoing volatility amid shifting investor sentiment.
Ives pointed to near-term catalysts, including the anticipated launch of a lower-priced EV and plans for a driverless taxi service slated for June. He believes these initiatives, along with Tesla's foray into robotics, could unlock substantial growth potential.
The latest concerns of investors stemmed following CEO Elon Musk's new position as a senior adviser in the Department of Government Efficiency, which some doubt could cast a shadow over his main duties. But Ives ignored these worries, noting that the management team is strong at Tesla and that Musk has shown himself to be a multitasking king.
Overall, Ives' positive sentiment and his focus on emerging tech make Tesla into an attractive long term investment proposition even in today's market environment.
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