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Dan Ives from Wedbush raised his price target for Tesla to $1,900 from $1,800. Today TSLA stock is in the green today.
Tesla Inc (NASDAQ: TSLA) stock jumped over 8% after the bell rang on Monday, retesting its all-time high ar over $1,788. The rally began during the pre-market as the shares were 1.8% up from last week’s close.
The rally is being attributed to different fundamentals playing in favor of the company, but notably, after analyst Dan Ives at Wedbush raised his price target for Tesla to $1,900 from $1,800, citing continued signs of accelerating demand in China.
With the company constantly improving on its car components especially the battery capabilities, investors are getting more confident with the company. Tesla shares have so far outperformed most traditional stocks and have its volatility high similar to cryptocurrencies.
Tesla Stock Price Target Is Raised
According to its historical data, its value was up over 672% at the time of reporting, added over $318% YTD, added 115.23% in the past three months, jumped over 6.59% in the past one month, and around 23.5% in the past five days.
The high performance is also partly attributed to investors’ speculation amid the coronavirus global crisis.
However, despite the high speculation from investors to Wall Street analysts, Tesla Inc has been delivering competitive products that the consumers are pleased with. A spike in demand for its products, especially in the China and greater Asian region, is an indicator of a bright future ahead.
“To this point, robust Model 3 demand out of China remains a linchpin of success and appears to be on a run rate to hit 150k unit deliveries in the first year out of the gates for Giga 3 which is driving some strength for Tesla as well as Model Y deliveries starting to ramp as well,” Ives wrote in a note to clients. “Looking ahead, we believe Musk & Co are slated to announce a number of new potential “game-changing” battery developments at its highly anticipated Battery Day on Sept. 22.”
Previously, Bank of America on Friday upgraded Tesla to “neutral” from “underperform” giving its expectations to $1,750 from $800.
“Musk’s leadership, a compelling brand, and improved execution are driving an ever-increasing stock price,” analysts led by John Murphy wrote in a note. “This is direct evidence that the company has unfettered access to low-cost capital, which remains a key advantage that may (and should) be leveraged to accelerate growth to almost 50% per annum over the next five years.”
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