Barclays raises Tesla's price target from $370 to $450 and upgrades the rating to "Overweight".

BlockBeats news, October 26 - Barclays raised Tesla's (TSLA) 12-month price target from $370 to $450 and upgraded the stock rating from "Equal Weight" to "Overweight." The new price target represents an increase of approximately 21.6% from the previous target.

Barclays analysts believe that the improved growth prospects of Tesla's core automotive business, signs of a turning point in the Robotaxi business, and strong demand in the energy storage business are all expected to support the company's valuation. Additionally, expectations of a potential merger between Tesla and SpaceX could also bring a valuation premium. However, whether the two sides will ultimately merge remains uncertain.

According to market data from BIT (Bit.com), possibly influenced by this news, Tesla (TSLA.O) rose nearly 2% in pre-market trading.