shares of Tesla Inc. . It rebounded at record levels on Monday after Wedbush analyst Dan Ives raised his base price target and envisioned a scenario in which the electric vehicle leader’s share would be 1. Reached $ 000.
open on Nov.. . 19 Record closing of $ 499. 27, then ran up to 5. 3% to an all-time high daily of $ 515. 33 before some profits are reduced. The stock recently rose 5. 0%
Ives raised his base stock price target from $ 500 to $ 560 while reiterating the neutral rating he’s had on Tesla since April 2019.
« With the continued path to profitability and the inclusion of the S&P 500 index, the Tesla bull story is now all about increased demand for electric vehicles through 2021, » Ives wrote in a note to customers.
And he said he now sees a strong impact on global demand for electric vehicles, with the expectation that electric vehicles will increase from the current 3% of total car sales to 10% by 2025.
â ???? We believe this dynamic in demand will benefit the clear electric vehicle leader, Tesla, disproportionately over the next few years, especially in key region China, which we believe could account for ~ 40% of its electric vehicle deliveries by 2022, currently brisk sales pace of 150. 000 deliveries in the first year with Giga 3, â ???? Ives wrote.
He said that while the lower-priced Model 3 remains Tesla’s main driver, the new designs around the Cybertruck and Model Y crossover SUV should help the company meet its million dollar delivery target by 2023, but not out of the question in 2022.
The stock won 32. 4% so far this month and is up 514. 2% since the beginning of the year, during the S&P 500
won 10. 8% this year.
Colorado fans of legendary California chain In-N-Out Burger waited for epic lines on Friday when the state’s first two branches opened.
Tomi Kilgore is MarketWatch’s assistant editor for investments and corporate news and is based in New York. You can follow him on Twitter @TomiKilgore.
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World News – USA – Tesla’s stock hits record high as Wedbush analyst raises bull case target to 1. $ 000
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