Tesla reaches its highest share price of 2024 following analysts' upward revisions of price targets.

1. Tesla shares saw another surge on Wednesday as analysts raised price targets for the stock following better-than-expected second-quarter deliveries. The company's shares are approaching their highest point of the year and have risen almost 25% this week alone. Wedbush analysts raised their price target for Tesla and referred to it as "the most undervalued AI play" on the market ahead of its planned debut of an autonomous "robotaxi" next month. Bank of America and Wedbush Securities analysts raised their price targets to $260 and $300, respectively, while J.P. Morgan analysts maintained an "underweight" rating and a price target of just $115. Wedbush analysts have reiterated their belief that Tesla is primarily an artificial intelligence (AI) and robotics company rather than a conventional car manufacturer. This is due to Tesla's initiatives such as fully automated driving software, robotaxis, and AI-powered robots. The analysts emphasized that Tesla is undervalued in the AI sector, with an upcoming Robotaxi Day on August 8th that is expected to pave the way for Full Self-Driving (FSD) and an autonomous future. Bank of America and Wedbush Securities analysts have revised their price targets to $260 and $300, respectively, up from previous levels of $220 and $275. On the other hand, J.P. Morgan analysts have expressed less optimism regarding delivery numbers, maintaining an "underweight" rating and a price target of $115. Version 1: Wedbush and BofA analysts are optimistic about the positive sign in deliveries, stating that the demand for electric vehicles is stabilizing globally. They believe that Tesla's delivery figures represent a significant turning point after a challenging start to the year. Version 2: According to Bank of America and Wedbush Securities analysts, the increasing availability of more affordable electric vehicle options this year and in the future will contribute to higher EV volumes.