This view is in contrast to other Wall Street strategists who have become more optimistic about Tesla following its success in 2023, with the company's stock soaring 130% due to hype for AI-related stocks. Wedbush, for instance, predicts Tesla's shares could rise to $350, a 41% increase, due to improving profit margins, advancements in self-driving technology, and strong sales momentum in China.
Key takeaways:
- Roth MKM analyst Craig Irwin maintains that Tesla's stock is grossly overvalued and could plunge by as much as 65%.
- Irwin reiterated his $85 price target for Tesla, implying a more than 50% drop from its current trading price.
- Despite his bearish outlook, Irwin maintains a "neutral" rating on Tesla stock, citing potential boosts such as the release of a smaller-generation vehicle.
- Irwin's views contradict those of other Wall Street strategists, who have grown more optimistic about Tesla following its 130% surge in 2023, largely due to hype for AI-related stocks.