NEWS: Canaccord Genuity has raised its $TSLA price target to $404 (from $298). They maintain a BUY rating.

"Despite weaker-than-expected deliveries, we are sticking with our BUY and raising our target from $298 to $404. This target is based on ~40x (from ~34x) our 2027E (from 2026E) non-GAAP EPS of $10.11. We feel this multiple is justified based on the multiples and growth rates of Tesla’s comp set — which we deem to be a group of megacap tech stocks, including Alphabet, Amazon, Apple, Meta, Microsoft, and Nvidia. This set of companies trades at a median of ~23x 2027E EPS (FactSet) but has a combined revenue growth rate ~half of Tesla’s from 2025-2027. Longer term, Tesla also has a generational set of growth opportunities ahead, including EVs, autonomy/AI, energy storage, and robotics. We acknowledge the limited upside implied by our price target but believe it is appropriate given the near-term volatility."