Stifel analyst Stephen Gengaro raised the firm’s price target on Tesla to $411 from $287 and keeps a Buy rating on the shares. The firm believes buying Tesla shares “requires vision and patience, and the willingness to accept volatility,” but argues that the company is “clearly not just an automaker,” as evidenced by its current market cap surpassing the aggregate value of the top 10 global automakers. The firm has confidence in Tesla’s auto business, but tells investors that the significant value creation potential from its AI-based full self-driving capabilities and Cybercab robotaxi underpin its positive outlook, citing a revised sum-of-the-parts analysis for its increased target.