Written by Cláudio Afonso | LinkedIn | X
TD Cowen analyst Itay Michaeli started on Thursday coverage on several automakers including Ford, Tesla, Stellantis and the California-based EV maker Lucid Motors. The firm sees a 47% upside potential on Tesla stock after a major pullback from its $488 record reached in December.
Ford
Michaeli opened coverage on the Detroit automaker Ford with a ‘Hold’ rating and a price target of $10.00. Based on Thursday’s closing price, the new target implies an upside potential of 6%.
Tesla
The analyst started coverage of the Elon Musk-led company with a ‘Buy’ rating and a price target of $388 citing model launches and developments on autonomy as the key catalysts. Tesla shares closed at $263 on Thursday indicating that TD Cowen’s target implies an upside potential of 47.5%.
“Both bull & bear cases have merit, but with the stock meaningfully pulling back, we’re tactically bullish on several potentially consequential catalysts this year (EV launches, AV eyes-off deployments, robotics).
“Tesla is also less-exposed to tariffs. Setup feels similar to last year’s. Q1 likely challenging,” Michaeli added.
In February, UK sales rose 21% year on year to nearly four thousand units. However, sales in other major European markets — such as Germany, France and Spain — fell 76%, 26% and 10%, respectively.
Tesla began deliveries of the refreshed Model Y in China on February 26 week and in the United States last weekend.
The company is set to begin deliveries of the refreshed Model Y in Europe within the next 24 hours. In the U.S., it invited selected Model Y order holders on March 1 to a handoff event at its Giga Texas factory, scheduled for tomorrow, March 8.
Lucid
The analyst also initiated coverage on Lucid with a ‘Hold’ rating and a price target of $2.30. The company said late last month its CEO and CTO Peter Rawlinson had stepped down adding that the chief operations officer Marc Winterhoff would take the lead while the board searched for a new chief executive.
Lucid shares dropped 3.7% on Thursday, closing at $2.09, as the ongoing global sell-off intensified on the uncertainty surrounding President Donald Trump’s tariff policies. Based on the previous closing price, the price target implies an upside potential of about 10%.
As reported on Thursday, internal sources told EV that Lucid’s Chairman of the Board, Turqi Alnowaiser, has “forced out” Rawlinson.
Stellantis
TD Cowen analyst has also opened coverage on the Stellantis Group with a ‘Hold’ rating and a price target of $13, slightly above Thursday’s closing price of $12.75
