- The shares of Tesla (NASDAQ:TSLA) have received a price target increase from $950 to $1,000 by Wedbush. These are the details.
The shares of Tesla (NASDAQ:TSLA) have received a price target increase from $950 to $1,000 by Wedbush. And Wedbush analyst Dan Ives upgraded the rating of Tesla shares from “Neutral” to “Outperform.”
Ives had cited Tesla topping the Q1 delivery estimates. And the Wedbush team expects Tesla’s profitability-free cash flow profile to significantly improve in the next 3-4 years. And Ives forecasts $20 in annual EPS potential by 2026.
“In our opinion, the 1Q delivery numbers released on Friday was a paradigm changer and shows that the pent-up demand globally for Tesla’s Model 3/Y is hitting its next stage of growth as part of a global green tidal wave underway. We now believe Tesla could exceed 850k deliveries for the year with 900k a stretch goal, despite the chip shortage and various supply chain issues lingering across the auto sector,” wrote Ives in a research report via Street Insider. “While the EV sector and Tesla shares have been under significant pressure so far this year, we believe the tide is turning on the Street and the eye-popping delivery numbers coming out of China cannot be ignored with the trajectory on pace to represent ~40% of deliveries for Musk & Co. by 2022.”
For Tesla, Wedbush assigned the company a long-term bull case price target of $1,300. And the company shares have been listed by the brokerage as a top pick of the “Green Tidal Wave” thesis.
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