TD Cowen Reiterates Tesla’s $330 PT and ‘Buy’ Rating

TD Cowen analyst Itay Michaeli reiterated a ‘Buy’ rating and $330.00 price target on Tesla.

“Tesla Launches Austin Robotaxi Service; Initial Thoughts

On Sunday, Tesla launched its highly anticipated RoboTaxi service in Austin. It appears that Day-1 was a success, with some aspects appearing better than we would’ve expected (ODD, pickups/drop-offs).

We remain bullish on the Tesla AV opportunity and are encouraged by Sunday’s developments.

Our initial take from observing rider feedback on Sunday is as follows:

(a) The initial Austin operating area (ODD) was larger than we would’ve thought, although Tesla’s initial ODD was smaller than Waymo’s;

(b) We were impressed by Tesla’s UI, which appeared welldeveloped for an early stage rideshare deployment;

(c) We were particularly impressed by the pickup/drop-off accuracy (i.e. navigating within a parking lot to a destination), which can be tricky for RoboTaxis particularly during the early launch phase;

(d) No reported safety or major vehicle performance issues as we’re aware. For a first day, pretty impressive.”

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