Forget GameStop. Wall Street Says Tesla Is the ‘OG Meme Stock.’ What Does That Mean for TSLA Here?

Core Viewpoint - Tesla is currently viewed as the "original meme stock," with a significant rally in September that reflects retail-driven enthusiasm, but this time, the fundamentals may support the hype [1] Group 1: Analyst Insights - Barclays analyst Dan Levy highlights Tesla's unconventional valuation, trading at 180 times 2026 earnings, indicating a premium valuation [2] - Elon Musk's renewed focus on Tesla, including a recent stock purchase and proposed compensation package, suggests a shift to a more aggressive leadership style [2] - Wedbush analyst Dan Ives raised his price target for Tesla from $500 to $600, anticipating the automaker will exceed a $2 trillion market capitalization by early 2026 [3] Group 2: Market Opportunities - Ives estimates Tesla's market cap could reach $3 trillion by the end of next year, driven by the company's ambitions in autonomous vehicles [3] - The potential robotaxi opportunity is valued at $1 trillion, with plans to launch in over 30 U.S. cities within a year [3] Group 3: Regulatory Environment - The Trump administration's favorable stance on autonomous technology may expedite federal approvals that have previously hindered Tesla's progress [4] Group 4: Recent Developments - Tesla's second-quarter results revealed near-term challenges but also ambitious plans, including the launch of a robotaxi service in Austin [5] - CEO Elon Musk aims to expand the robotaxi service area to reach half of the U.S. population by year-end, pending regulatory approvals [5] - The elimination of the $7,500 federal EV tax credit led to a surge in purchases, potentially pulling sales from future periods [6] - Tariffs added approximately $300 million in costs during the quarter, with further impacts expected [6] - Regulatory credit revenue is declining due to changes in emission standards [6]