Tesla (TSLA)'s Next Big Catalyst? Piper Points to Austin Robo-Taxi Launch

We recently published a list of 10 AI Stocks on Latest News and Ratings. In this article, we are going to take a look at where Tesla, Inc. (NASDAQ:TSLA) stands against other best AI stocks on latest news and ratings.

Tesla, Inc. (NASDAQ:TSLA) is an automotive and clean energy company that leverages advanced artificial intelligence in its autonomous driving technology and robotics initiatives. On May 22, Piper Sandler analyst Alexander Potter reiterated an “Overweight” rating on the stock with a $400.00 price target. The upcoming robo-taxi launch in Austin, Texas, is much anticipated by investors and industry watchers.

Even though Tesla has been facing several challenges, such as a weakened delivery outlook and a lack of clarity on new products, the stock has still managed to rally. Piper Sandler believes much of the optimism surrounding Tesla has been due to the upcoming robo-taxi service set to launch next month in Austin.

“TSLA’s recent run is due to multiple expansion; all eyes are on the robo-taxi launch.”

Overall, TSLA ranks 3rd on our list of best AI stocks on latest news and ratings. While we acknowledge the potential of TSLA as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than TSLA and that has 100x upside potential, check out our report about this cheapest AI stock.

READ NEXT: 12 AI Stocks Making Waves on Wall Street Today and 15 AI Stocks Surging on News and Analyst Ratings.

Disclosure: None. This article is originally published at Insider Monkey.