Tesla (TSLA) PT Raised to $348 at Truist Securities; AI Days 'Overwhelms' Q3 Delivery Shortfall

October 3, 2022 7:06 AM EDT
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Price: $174.04 -3.21%

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Truist Securities analyst William Stein raised the price target on Tesla (NASDAQ: TSLA) to $348.00 (from $333.00) while maintaining a Buy rating following AI day which supports the firm's AI-oriented thesis on TSLA and overwhelms a Q3 delivery shortfall.

The analyst commented, "As CEO Musk said, AI is shifting the mission of the company. TSLA hosted its AI Day 2022 on 9/30. The company provided updates to ADAS/autonomy (FSD), AIaaS (Dojo), and humanoid AI robotics (Optimus). The updates lead us to increase our estimation of likelihood of commercial success for all 3 efforts. Separately, TSLA announced Q3 unit deliveries that were below consensus, so we take our near-term estimates lower; however, the greater chance of success of AI efforts significantly overwhelms the near-term model revision in our DCF. PT raised to $348 from $333; reiterate Buy."

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