Wedbush analyst Dan Ives has expressed his belief that Tesla Inc. (NASDAQ:TSLA) is significantly undervalued due to its AI potential and data-driven approach.
What Happened: Ives highlighted Tesla’s ability to overcome sales challenges in China. He also noted that Wedbush has raised Tesla’s price target to $300 from $275. Ives said this in an interview with Bloomberg Radio.
The analyst emphasized that Tesla’s Full Self-Driving feature positions it as the “most undervalued AI play in the market.” He predicted that Tesla’s trillion-dollar valuation will be driven by AI and a data-driven strategy.
Ives also suggested that the anticipated autonomous robotaxi, to be unveiled by Tesla, will be a game-changer.
Despite the positive sentiment around Tesla, not all investors are bullish. Former Speaker of the House Nancy Pelosi (D-Calif.) recently disclosed several new stock trades, including selling Tesla shares, ahead of the Fourth of July holiday.
Price Action: Tesla Inc. closed at $246.39 on Wednesday, up 6.54% for the day. In after-hours trading, the stock continued to rise, gaining an additional 0.86%. Year to date, Tesla’s stock is down 0.82%, according to data from Benzinga Pro.
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This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote
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