智通财经网·2025-10-14 00:38Core Viewpoint - Melius Research analyst Rob Wertheimer has a bullish outlook on Tesla, stating it has the potential to disrupt the automotive industry and is considered a "must-hold" stock, although finding a reasonable support for its trillion-dollar valuation remains a challenge [1][2] Group 1: Analyst Insights - The analyst believes Tesla can rapidly improve and scale its autonomous driving technology, which is seen as the first major application of AI in the physical world, assigning a "buy" rating with a target price of $520 [1] - Wertheimer emphasizes the significant risk of not investing in Tesla, as there are few comparable investment opportunities available [1] - The valuation of Tesla is still speculative due to the lack of fully autonomous driving technology and the uncertain timeline for its maturity [1][2] Group 2: Market Dynamics - Tesla's valuation has been a long-standing debate among investors, questioning whether it is merely an electric vehicle manufacturer or a potential AI giant [2] - CEO Elon Musk is attempting to shift the narrative from electric vehicles to the autonomous driving sector, suggesting that 80% of Tesla's future revenue may come from the Optimus robot [2] - Tesla's stock price surged 33% in September due to enthusiasm around AI and Musk's vision, but the stock's momentum has stalled following disappointing third-quarter vehicle deliveries and higher-than-expected pricing for the anticipated "affordable electric vehicle" [2] Group 3: Future Projections - Wertheimer's target price is based on the assumption that Tesla will successfully develop fully autonomous vehicles, capturing a significant share of the ride-hailing market and expanding its business [2] - The analyst notes that a substantial portion of Tesla's market value is derived from "products that do not yet exist" [2]