- The stock price of Tesla Inc (NASDAQ: TSLA) has received a substantially bullish stock price target by Wedbush. These are the details.
The stock price of electric vehicle giant Tesla Inc (NASDAQ: TSLA) has received a substantially bullish stock price target by Wedbush. Wedbush assigned Tesla a $1,250 bull case target (up from $1,000) and a $950 target (up from $715). And Wedbush analyst Dan Ives is maintaining a Neutral rating on Tesla shares.
Ives noted that Tesla now exceeds the 1 million delivery threshold estimated for 2022 and it could hit 5 million deliveries by the end of the decade as long as the global EV demand maintains its current pace.
“We believe overall that EVs, which make up 3% of global auto sales today, could reach 5% by the end of 2021 and 10% by 2025,” said Ives in the report via Benzinga. “There are 150+ automakers aggressively going after the EV opportunity globally, right now in the EV market we believe it’s Tesla’s world and everyone else is paying rent.”
While Ives cited Tesla rivals like NIO, Xpeng, and Li Auto in the Chinese market as impressive, he still expects 40% of Tesla’s overall sales to come from China followed by Europe and the U.S.
Ives wrote the Biden administration and Democratic control of the Senate to be a “game-changer” for Tesla. This will likely lead to increased EV tax credits and consumer incentives along with government support.
Disclosure: I have a small TSLA position in my stock portfolio