Stifel has increased its price target for Tesla (TSLA) from $287 to $411 while maintaining a Buy rating. Stifel NextGen Transport Analyst Stephen Gengaro joined Market Domination to explain the rationale behind this significant boost.

Gengaro emphasized that Tesla is "way more than an auto company," citing the company's autonomous driving capabilities and Cybercab initiatives as key factors behind the increased price target.

Discussing these developments, Gengaro advised that "you have to believe in the medium to long-term vision to buy the stock." He pointed to the upcoming robotaxi deployment and the eventual transition to fully autonomous driving as crucial long-term investment considerations.

"We look at the long-term value in the name, and we're discounting pretty heavily back the expectations for those two businesses," Gengaro explained to Yahoo Finance, highlighting Stifel's measured approach to valuing Tesla's future ventures.

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This post was written by Angel Smith