Tesla price target hiked to $450 at Roth

The quarter was a disappointment, but Roth analyst Craig Irwin is still a believer in Tesla (Tesla Stock Quote, Chart, News, Analysts, Financials NASDAQ:TSLA).

On January 29, TSAL reported its Q4 and fiscal 2024 results. In the fourth quarter, the company posted Adjusted EBITDA of $4.3-billion on revenue of $25.7-billion. The street consensus was for Adjusted EBITDA of $4.6-billion on a topline of $27.2-billion.

The analyst summarized the development.

“Results for 4Q24 missed, even ignoring the $0.17/share EPS benefit on a change in BTC accounting,” he wrote. “The deliveries guide was moderated for downtime to start production of the updated Model-Y and mix, but we expect 4Q24 brings the final round of negative forecast revisions. Now investors will shift focus to unsupervised FSD coming in Austin this June, the MiniCar starting production in 1H25, and the CyberCab. We expect these to deliver multiple positive trading catalysts.”

In a research update to clients January 30, Irwin maintained his “Buy” rating on TSLA and upped his price target from $380.00 to $450.00.

The analyst thinks TSLA will post Non-GAAP EPS of $2.65 on Revenue of 110.6-billion.

“We increase our target to $450 (from $380) moving to a 14x revenue multiple (vs 10.5x prior) on 2025 estimates,” Irwin explained. “Tesla is a large-cap company where the stock is behaving like an emerging growth company. Catalysts will play a primary role in valuation, in our opinion, as investors discount the longer-term served opportunity and projected earnings power. We see abundant positive catalysts, and now a dearth of negative catalysts, so we would be buyers on any weakness.”