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Goldman Sachs sees Tesla as a potential leader in AI-related tech

Published Nov 14, 2023 10:20AM ET Updated Nov 14, 2023 10:38AM ET
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© Reuters. Goldman Sachs sees Tesla (TSLA) is as a potential leader in AI related tech
 
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(Updated - November 14, 2023 10:36 AM EST)

Goldman Sachs reiterated a Neutral rating on Tesla Inc. (NASDAQ:TSLA), with a 12-month price target on the EV stock of $235.00, as the company continues to develop its AI and Full Self-Driving (FSD) capabilities.

Investor interest in Tesla's AI potential has surged recently, drawing increased attention. This outlook has been a central focus for the company over multiple years, evident from the AI days held in August 2021 and October 2022. These events aimed not only to showcase AI advancements but also to bolster employee recruitment efforts.

Analysts at Goldman Sachs maintain the belief that Tesla stands on a strong footing to emerge as a frontrunner in AI-related technologies. This confidence stems from the company's extensive resources and exceptional engineering talent across chip design, software, hardware, and data fields.

The analysts expect Tesla’s leadership in this segment will help the automaker to expand businesses like FSD, in particular for the company’s own fleet of vehicles.

Goldman Sachs believes that their current $235 price target reflects Tesla future potential for growing in new high-margin areas, particularly concerning its own fleet. They suggest the company may gain more product traction in other segments before potentially ascribing additional value to FSD licensing or potentially providing Dojo as a service.

If Tesla successfully seizes these opportunities, Goldman Sachs believes the market potential could be substantial.

“We believe in an upside case FSD could be $50-100 bn a year of revenue from Tesla’s fleet by 2030, up from what we believe is $1-3 bn per year presently,” wrote the analysts at Goldman Sachs in a note.

Shares of TSLA are up 3.87% in early trading on Tuesday.

Goldman Sachs sees Tesla as a potential leader in AI-related tech
 

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Derick Lim
Derick Lim Nov 14, 2023 10:38AM ET
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Did Goldman Sachs see Goldman Sachs as potential 5th consecutively money losing fortune telling stocks?
 
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