Tesla price target raised to $298 from $278 at Canaccord

Canaccord analyst George Gianarikas raised the firm’s price target on Tesla (TSLA) to $298 from $278 and keeps a Buy rating on the shares post the Q3 earrings report. The firm says shares of Tesla are poised to outperform given the company’s accelerating trends in its profits, potential for growth outperformance relative to its “Mag7” peers starting in 2025, and a favorable technical outlook. Without upcoming new products in the first half of 2025, Tesla is a near- to medium term product cycle story, the analyst tells investors in a research note.