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You’re here (TSLA) – Get the report was traded higher on Monday after the electric automaker received another upgrade, this time from Daniel Ives of Wedbush Securities, who raised its one-year price target to $ 560 from $ 500 and said its new bull deal was $ 1,000, up from $ 800.
In a research note to customers, Ives said Tesla will likely meet its goal of one million shipments by 2023 or perhaps sooner. The influential analyst also said that with Tesla’s sustained path to profitability and the inclusion of the S&P 500 index, “Tesla’s bull story is now about an accelerated EV demand path through 2021. .
“Overall, we are seeing a major inflection in demand for electric vehicles globally, with our expectation that electric vehicles will drop from around 3% of total auto sales today to 10%. by 2025, ”he said, noting that Tesla had seen“ Teflon-like demand ”for its 3 flagship models in Europe and China” throughout the Covid-19 pandemic.
Ives’ accolades follow Standard & Poor’s announcement last week that the electric carmaker will join the S&P 500 on December 21, a move that had been anticipated for months as Tesla surprised Wall Street with profits and better than expected sales, which in turn drove its valuation to new heights.
The move prompted several Wall Street analysts to reassess their long-term expectations of Tesla, including Morgan Stanley analyst Adam Jones, who raised Tesla to be overweight for the first time in more than three years. last week.
Like Jones, Ives also referred to software upgrades, which he said went “straight to the bottom line and got Tesla out of red ink.”
Combined with cost reductions and tax credit increases, as well as still lagging competition from Rivian and Fisker (FSR) – Get the report as well as GM (GM) – Get the report and Ford (F) – Get the report, Ives thinks Tesla is still in pole position in the race for mass production of electric vehicles.
“On a competitive level, we still believe that at this point every automaker is suing Tesla, which remains the undisputed leader in the world of electric vehicles, as the production capacities, battery technology / innovation and the reputation of the the company’s brand are second to none in our opinion, ”said Ives.
Rob Maurer of Tesla Daily, in his daily roundup of Tesla news, reported that Goldman Sachs expects increasing demand for Tesla stock ahead of its inclusion in the S&P 500 index, which the Model Y could benefit from an increase in range and the Fremont, Calif., Police Department conducted a test of a Tesla as a police patrol car.
Tesla shares rose 1.28% to $ 495.90 in pre-market Monday.
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