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Canaccord raises its price target on Tesla, says post-earnings rally will continue

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A few catalysts have set Tesla up for more outperformance in the coming months, according to Canaccord Genuity.

Analyst George Gianarikas, who has a buy rating on the electric vehicle maker, hiked his price target by $20 to $298. That implies more than 10% upside from Friday's close. Gianarikas finds that Tesla's earnings trends will get closer to other "Magnificent Seven" names in the current quarter and outpace them next year. "Tesla's stock underperformed since the beginning of 2022 as trends deteriorated," he continued.

mountain TSLA, year-to-date Shares were marginally higher in the premarket following the move. The stock has risen more than 8% in 2024.

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