Tesla’s (NASDAQ: TSLA) variety of upcoming catalysts through the rest of the year have landed on Baird’s elusive “Best Ideas” list, which is comprised of stocks that the brokerage believes are the best investments as 2023 heads toward its final quarter.
Ben Kallo, an analyst for Baird, included Tesla on the list due to its numerous catalysts that could send the stock even further upward this year.
Already up over 94 percent this year, Tesla shares have rebounded nicely from a slide in 2022, which was caused by macroeconomic conditions outside of the company’s control. Product delays and supply chain issues have caused turmoil for nearly every automaker over the past three years.
Tesla is primed to finish the year close to up over 100 percent this year as long as nothing catastrophic happens to the automaker as Q3 comes to a close.
Kallo lists several things in terms of catalysts that should help Tesla stock continue its monumental climb in 2023 (via MarketWatch):
“Potential upcoming catalysts for the stock include Cybertruck launch, a wider-scale adoption of [Full Self Driving, Tesla’s suite of advanced driver assistance systems to navigate city streets], continued growth in the energy business, expanding into new markets, and a possible AI Day, among others.”
Tesla’s Cybertruck is moving closer to deliveries. This morning, more Cybertrucks left Giga Texas, and headed presumably toward the Fremont Factory, where a fleet of pickups made it last week.
CEO Elon Musk has said for years that Full Self-Driving will be solved “this year,” and while we are skeptical that will happen in 2023, Tesla’s FSD suite is more robust than its ever been.
Baird has an “Outperform” rating on the stock and a $300 price target.
Tesla shares are currently up nearly 7 percent at the time of publish, which is 3:29 PM on the East Cost.
Disclosure: Joey Klender owns Tesla stock.
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