Analysts Bet on Elon Musk, Predict Tesla Stock Will Double to $500

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Tesla stock will top $500 soon despite its current slump, say two Wall Street analysts. (screenshot)

Don’t give up on billionaire Elon Musk, because he’s still got plenty of gas in the tank to push Tesla stock to $500 within the next year. That’s the exuberant outlook of several Wall Street analysts, who says TSLA’s recent troubles are merely a bump in the road on the way to bigger and better things.

“We maintain our bullish view on Tesla and see no reason to walk away from our price target of $500,” Berenberg Alexander Haissl wrote in a June 13 note to clients.

Haissl continued: “Demand worries are overblown, as the Q1 volume weakness was largely self-inflicted by logistic problems, uncertainty about store closures and changing pricing structure, and not indicative of the underlying demand situation.”

Elon Musk Tesla stock outlook
Tesla billionaire Elon Musk is weathering some huge struggles with his electric car company, but some analysts are bullish about TSLA stock. (screenshot)

Analysts: Chill out, Tesla’s outlook is strong

Despite Tesla’s disastrous first quarter, Haissl insists that the electric-car maker’s fundamentals are strong and that its current troubles don’t accurately reflect the underlying strength of its business.

Basically, Haissl says Wall Street’s bearish outlook on Tesla is overblown and “decoupled from reality.” Moreover, the pessimism totally discounts Tesla’s technological and cost advantages over its rivals.

Tesla stock closed on June 14 at $214, which means it would have to spike more than 100% in order to clear Haissl’s bullish price target.

tesla stock analyst consensus
Analysts have a fairly bullish outlook for Tesla despite its recent troubles. (TipRanks)

While it’s trendy to dump on Elon Musk, Haissl isn’t the only Wall Street analyst who’s betting on TSLA.

Craig Irwin, an analyst at Roth Capital Partners, says Tesla is years ahead of its competition with its use of cutting-edge technology.

“Tesla has set the pace on new technology adoption and really pushed the pedal on an industry that is very stodgy,” Irwin says. “Tesla is very much a technology company that looks like a car company.”

Shareholder: Tesla stock will top $4,000 by 2024

Cathie Wood — the CEO of ARK Invest — is a Tesla shareholder and is similarly bullish. She predicts that Tesla’s stock is primed for explosive growth over the next five years. In fact, she believes TSLA will spike 1,200% by 2024 to top $4,000 a share.

Woods’ bear-case price target is $700. That’s still more than triple Tesla’s current stock price of $214.

For those who are prematurely writing Elon Musk off because Tesla is weathering a storm right now, Cathie Wood notes that Amazon experienced similar setbacks before blossoming into the most valuable company in the world.

“The same thing was happening with Amazon for years,” Woods says. “The same is going to be true of Tesla.”

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