Wedbush reaffirms its 'outperform' rating on Tesla with a price target raised from $275 to $300, seeing a significant positive turnaround in demand for the automaker, with second-quarter deliveries ahead of expectations.

With the majority of price cuts in the rear-view mirror and overall demand stabilizing, it believes Tesla's march towards the two million units sold per year trajectory should be achieved in the coming quarters.

The key for Tesla is for Wall Street to recognize it as the most undervalued AI card in our view, with a historic Robotaxi Day coming up on August 8, which will lay a path of yellow bricks towards SDF and an autonomous future', adds the broker.

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