Cathie Wood now has a new price target on Tesla stock

Tesla Inc (NASDAQ: TSLA) has been a disappointment for shareholders this year but famed investor Cathie Wood is sticking to her ultra bullish view on the electric vehicle behemoth. 

Tesla stock could 15x by 2029

Shares of the EV giant will hit $2,600 by 2029, as per the latest projection from Ark Investment Management. 

Tesla is expected to reveal its much-awaited robotaxi in early August (read more) which her hedge fund forecasts will make up about 90% of its enterprise value by 2029. 

Meanwhile, electric vehicles could approximate a quarter of total sales and ~10% of Tesla’s earnings potential, as we believe the robotaxi business will have much higher margins.

Ark Investment Management is convinced that $TSLA will officially launch its robotaxi service in less than two years. Tesla stock is currently down 30% for the year. 

The bear case for Tesla share price

Cathie Wood’s investment management company even sees Tesla share price hit $3,100 (bull case) before the end of this decade. 

Its bear case, however, is about $2,000 per share and that too if the robotaxi catalyst is included in the model. Without it, $TSLA may be capped at $350 only through 2029, as per Ark Invest. 

In terms of vehicle production, the investment firm expects a 45% annual growth in the coming years. Ark also expects stationary energy storage and Optimus humanoid robot project to help Tesla stock climb through 2029. 

Shares of the electric vehicles company do not currently pay a dividend. 

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