Tesla (TSLA) stock has gotten a hiked price target from Wall Street analysts, as shares are riding a 30% rally in the past month. Analysts at Canaccord Genuity lifted their price target to $490 from $333 this week, while reiterating a “Buy” rating for the EV maker. Analysts noted that Tesla’s upcoming vehicle launches are expected to sustain sales momentum globally, even as U.S. tax credits phase out after the third quarter.

“On the EV side, we expect more new models soon – as promised by management. These should help global sales momentum – and potentially help alleviate any post-3Q cliff in the U.S. after EV tax credits go away. And these new vehicles should be interesting,” analyst George Gianarikas noted this week. Overall, 47% of analysts covering the company rate shares Buy, according to FactSet.

What Else Will Fuel a TSLA Rally?

In addition, Canaccord emphasized Tesla’s rapidly expanding energy storage business as a major contributor to future earnings. With utilities and hyperscale data centers increasing adoption of battery storage, Tesla is positioned to benefit from rising demand for grid stability and on-site power solutions. “In energy storage, we expect an improvement in momentum. We, the world, need more power, and we need more storage for both utilities and data centers. Hyperscaler data centers are looking for power that is not fully tied to the grid: “behind the meter” or distributed generation solutions that supply power directly to an onsite property but are still typically connected to the main utility grid,” the analyst noted.

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Notable Tesla TSLA bull Dan Ives of Wedbush also believes that investors still overlook the scale of transformation taking place at Tesla, and is optimistic the stock is ready to surge. The analyst said the company’s push into autonomy and robotics is central to its strategy heading into 2026, and is a promising source of revenue. According to Ives, the AI and autonomous market could bring Tesla an opportunity worth at least $1 trillion. That would be a great opportunity considering the EV giant’s recent struggles with sales, especially in the EU. As a result, Ives also hiked his forecast last week to $600, opening the doors for $500 by the end of this year.

At press time, Tesla stock was up about 8% so far this year and up about 66% over the past 12 months.