Wedbush: There is a possibility of a further 77% increase in the next year.

Recently, Tesla has been gradually declining, with the gap widening with other large technology stocks, and is increasingly disliked by Wall Street analysts. In a recent example, Wells Fargo recently lowered Tesla's target stock price and recommended reducing shareholdings.

However, a famous strategist, Dan Ives, and his team, big fans of Tesla,Dan Ives, a renowned strategist at the U.S. investment bank Wedbush,state that the market is excessively bearish on Tesla's stock and that there is a potential 77% increase in Tesla's stock over the next 12 months.

In the latest report, they believe that Tesla's demand is stabilizing for the remainder of 2024, and the slowing price cuts indicate strong cost efficiency in battery cost/production. Furthermore, the company plans to release Model 2 priced below $30,000 next year. All of these are positive signals for the stock rebound.

However, Australia pointed out that Tesla still faces many challenges in the short term, such as the sluggish demand for electric vehicles, deteriorating profit margins due to "price competition", temporary closure of the Berlin factory, and controversies surrounding Musk's compensation system.

Overall, Ives once again predicted that Tesla's stock will rise to $315 over the next 12 months. This is in contrast to Wells Fargo's view. The bank downgraded Tesla's stock to "Hold" on the 2nd, citing that Tesla's price-cutting strategy would push down demand.

Wells Fargo has lowered Tesla's target stock price from $200 to $120, one of the lowest target stock prices on Wall Street, indicating a further 30% decline in the stock price.

At the closing price on Wednesday, the stock price fell 4.54% to $169.48 per share. Since the beginning of this year, Tesla's stock price has dropped by about 32%.