Stifel analyst Stephen Gengaro raised his Tesla price target to $508 from $483 while maintaining a Buy rating, citing progress on the company's robotaxi program and full self-driving technology, per TipRanks.
The upgrade comes as Tesla expands its autonomous vehicle testing, preparing for wider deployment across major U.S. cities.
Per the article, Gengaro (a five-star analyst on TipRanks) said the automaker continues making steady progress on its robotaxi rollout. Testing is already underway in Austin, Texas, and the Bay Area, with the company planning to expand to several other major metropolitan areas by the end of this year.
Tesla is also aiming to run robotaxis without safety drivers in parts of Austin by the end of 2026, with further launches planned in Nevada, Florida, and Arizona.
Gengaro highlighted improvements to FSD Version 14, which he described as working well overall. Tesla plans to roll out its new "reasoning" features in upcoming updates to improve decision-making around parking, lane changes, and turns.
The analyst believes steady, ongoing software gains could help the automaker move closer to wider autonomous use — potentially transforming how people access transportation and reducing pollution from personal vehicle ownership.
Meanwhile, Tesla is working to address near-term demand concerns. The company recently introduced lower-priced versions of the Model Y and Model 3, both priced below $40,000, which could give overall sales a boost. The automaker reported declining quarterly deliveries in key markets, such as China, according to its released earnings reports.
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As for Tesla, analysts remained cautious about its long-term outlook. On TipRanks, Tesla stock has a Hold consensus rating based on 14 buys, 10 Holds, and 10 Sell ratings. The average Tesla price target of $382.54 implies a 5.4% downside potential from current levels.
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