No matter how well the Cybertruck or other future vehicles ultimately perform, it is no longer possible for Tesla to achieve sustainable valuation upside by relying solely on car manufacturing, Piper Sandler analyst Alexander Potter wrote in a weekend research note titled “Cybertruck Shmyber-truck… 2024 Will be the Year of Stationary Batteries.” The firm says $135 per share is the most it can envision paying for Tesla’s automotive segment, excluding self-driving software. To get its $235 price target, Piper believes Tesla’s other businesses “will emerge to drive upside.” Of these, Tesla Energy seems closest to an upward inflection, the analyst contends. By 2025, Piper thinks Tesla Energy will be 12% of company-wide revenue versus 6% in 2023. Its model implies Tesla will capture 15%-20% of stationary battery deployments globally.
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