Tesla (TSLA) Stock Bagged 740% Gains in 2020, Kickstarts 2021 with Its Redesigned Model S

UTC by Kofi Ansah · 3 min read
Tesla (TSLA) Stock Bagged 740% Gains in 2020, Kickstarts 2021 with Its Redesigned Model S
Photo: Tesla / Twitter

Reports suggest that what seemed to be a redesigned version of the Tesla Model S may also be a prototype of the looming Model S Plaid.

Tesla Inc (NASDAQ: TSLA) has started the year with a tricky costume as a redesigned version of its Tesla Model S was spotted in California. The new version of its Model S wasn’t supposed to hit the streets for a while after the company pumped its break on its vehicle production lines. 

2020 was a somewhat bittersweet ride for Tesla stock. The stock opened at $84.90 on January 2, 2020, and closed the year above $700, a gain of over 740%. Investors of TSLA stock were rewarded handsomely by its performance last year and aren’t expecting anything less than that this year. This then throws the question flying around the stock market which is: Where’s Tesla stock heading this year? 

A video posted on a YouTube channel on January 3 showed what appeared to be a new version or a redesigned Tesla Model S roaming about near Tesla Inc in Palo Alto, California. The newer design boasts of a wider body, a new rear diffuser, updated headlights, and a more noticeable fender. 

Reports, however, suggest that what seemed to be a redesigned version of the Tesla Model S may also possibly be a prototype of the looming Model S Plaid, an imminent high-performance type of Tesla’s sedan models. Tesla Inc last year, announced plans to release the Model S Plaid sometime this year, with almost $140,000 as the starting price. 

Market Reaction to News from Tesla Including Redesigned Model S

The latest developments around Tesla is surely a positive look for its shares this year. Many experts like always, have started voicing out their opinions about which direction Tesla stock is headed in. As usual, they are a series of conflicting ideas but one thing that is for sure is that one of those predictions will come to pass, or the nearest version of it. 

Goldman Sachs analysts led by Mark Delaney who raised Tesla’s price target to $780 from $455 last December, are opting for a “neutral” rating for Tesla (NASDAQ: TSLA) stock with a yearly price target of $780. Goldman Sachs back in December told its clients that, “They believed that the shift toward battery electric vehicle adoption is accelerating and will occur faster than their prior view”.

JPMorgan rates the stock “underweight”, expecting an 87% drop from current levels and a $90 price target. JPMorgan analysts led by Ryan Brinkman launched at Tesla’s stock in December last year, saying that the stock wasn’t just overvalued, it was “dramatically so in their view and by virtually every conventional metric”. 

Dan Ives of Wedbush Securities also gave a “neutral” rating to the stock with a $1000 price at the end of a bull run 12-month price target of $715. Ives told their investors in December last year that a major change in the global demand of electric vehicles aligned with their expectations that sales of Electric vehicles will increase from 3% to 10% by 2025.

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Kofi Ansah
Author Kofi Ansah

Crypto fanatic, writer and researcher. Thinks that Blockchain is second to a digital camera on the list of greatest inventions.

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