Tesla Stock Is Plunging, but 1 Wall Street Analyst Thinks It Will Soar 855% in the Next 5 Years
Tesla (NASDAQ: TSLA) is one of the world's leading manufacturers of electric vehicles (EVs), but investors are currently more focused on products like its full self-driving software (FSD), Cybercab robotaxi, and Optimus robot, which could each be trillion-dollar platforms in the future.Cathie Wood is the founder of Ark Investment Management, which operates exchange-traded funds (ETFs) filled with innovative technology stocks, and Tesla is the firm's largest holding overall. Last year, Ark released a report suggesting Tesla stock could soar to $2,600 by 2029 on the back of products like FSD and the Cybercab alone. However, the stock plummeted by 43% from its recent record high as of this writing, amid serious weakness in the company's core EV business. But Wood is undeterred -- in an interview with Bloomberg TV last Tuesday, she reiterated Ark's $2,600 price target for Tesla stock, which implies an eyewatering potential upside of 855%. Continue reading
Tesla (NASDAQ: TSLA) is one of the world's leading manufacturers of electric vehicles (EVs), but investors are currently more focused on products like its full self-driving software (FSD), Cybercab robotaxi, and Optimus robot, which could each be trillion-dollar platforms in the future.
Cathie Wood is the founder of Ark Investment Management, which operates exchange-traded funds (ETFs) filled with innovative technology stocks, and Tesla is the firm's largest holding overall. Last year, Ark released a report suggesting Tesla stock could soar to $2,600 by 2029 on the back of products like FSD and the Cybercab alone.
However, the stock plummeted by 43% from its recent record high as of this writing, amid serious weakness in the company's core EV business. But Wood is undeterred -- in an interview with Bloomberg TV last Tuesday, she reiterated Ark's $2,600 price target for Tesla stock, which implies an eyewatering potential upside of 855%.
