Bank of America Resumes Coverage on Tesla, Inc. (TSLA), Upgrades to Buy

Tesla, Inc. (NASDAQ:TSLA) is among the ARK Invest Stock Portfolio: Top 10 Stock Picks for 2026On March 4, Bank of America resumed coverage on the stock and upgraded it to Buy from Hold.

The firm also assigned a price target of $460, representing nearly a 16% upside from Wednesday’s close.

Analyst Alexander Perry wrote in a research note that he considers the company a leader in the autonomous driving space, given its ability to expand the business more profitably compared to peers in the industry.

Perry expects autonomous vehicles to shape the future of mobility, enabling consumers to travel safely and quickly in a more accessible manner. The BofA analyst sees significant opportunities ahead for Tesla, Inc. (NASDAQ:TSLA) as it gears up to launch the Robotaxi in seven new markets during the first half of 2026.

Perry was quoted as saying the following by CNBC:

The standard technology used in the autonomous industry is multi‑sensor fusion approaches (LiDAR/radar/cameras), whereas Tesla’s camera‑only approach is technically harder but much cheaper and leverages a consumer‑fleet data engine. Tesla’s strategy should allow it to scale more profitably compared to Robotaxi competitors, while the lack of drivers gives it a cost advantage vs. rideshare players.

Despite BofA’s recent bullish outlook, Wall Street remains cautious on the stock with a consensus Hold rating and anticipates a slight 1.5% downside in its share price as of the close on March 5.

On the same day as BofA’s update, Barclays reiterated its Equal-Weight rating on the stock with a price target of $360.

Tesla, Inc. (NASDAQ:TSLA) is an automotive and clean energy company. It is a pioneer in the EV industry and has significantly contributed to the global shift toward sustainable transportation through its electric cars.

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