Last minute thought: Daniel Ives comments on Tesla shares before the Robotaxi event

Tesla (NASDAQ:TSLA) has been the talk of Wall Street for months, fueled by anticipation of the robotaxi's unveiling. Now investors finally have the chance to see what a driverless future could look like.

The vehicle will get the Hollywood treatment tonight as its unveiling will take place at the “We, Robot” event at the Warner Bros. Discovery film studio in Burbank, California.

As if the Street wasn't already heated up enough, Wedbush analyst Daniel Ives has upped the volume yet again, claiming the event was nothing less than “historic.”

“We believe Robotaxi Day will be a groundbreaking and historic day for Musk and Tesla, marking a new chapter of growth around the future of autonomous vehicles, FSD and AI at Tesla,” the analyst said excitedly. “We continue to believe that Tesla is the most undervalued AI name on the market, and we expect Musk & Co. to unveil some 'game-changing' autonomous technologies at this event.”

So no pressure. But hype aside, what can we essentially expect from the event? Rumors suggest the robotaxi will be called “Cybercab,” while there will be updates on Tesla’s next-gen platform and advances in FSD and AI. The company is also expected to outline phases of its robotaxi strategy, and Ives looks forward to insights on scaling Cybercab production, cost-per-mile projections, a Tesla ride-sharing app and a Generation 1 on-site demo . Highlighting the “game-changing technology set to revolutionize urban transport.”

Ives believes Musk will also address current investor concerns and “short-term pain points,” while also sharing Tesla's long-term vision as the company undergoes its second major transformation since the Model 3/Y production overhaul. “We strongly believe that Tesla will continue to be a robotics/AI company and not just an electric vehicle provider,” concluded Ives.

To that end, Ives rates TSLA stock an Outperform (i.e. Buy) and gives a price target of $300. The implications for investors? Upside potential of 24% from current levels. (To view Ives' track record, click here)

However, Ives' stance is not shared by most of his colleagues. While 10 other analysts join him in the bull camp, with another 16 holdings and 8 selling, the consensus is that this stock is a hold. Most also think the shares are now overvalued, considering the average target of $207.83 represents a one-year decline of ~14%. (See Tesla stock forecast)

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Disclaimer: The opinions expressed in this article are solely those of the featured analyst. The content is for informational purposes only. It is very important to do your own analysis before investing.