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Tesla Inc (NASDAQ: TSLA) is expected to meet its target of millions of delivery units by 2023, with 2022 not excluded. Wedbush Securities said the automaker’s bull-case price target was raised from $ 800 to $ 1. $ 000 raised.
The Tesla analyst: Daniel Ives has given the Elon Musk-led company a neutral rating and raised the price target from USD 500 to USD 560.
The Tesla Thesis: Ives noticed the steeper acceptance curve for electric vehicles in the next 18 to 24 months, with both Europe and China propping up growth.
The analyst described China as a « greenfield market opportunity for electric vehicles ». Wedbush believes that total EV sales in the region could potentially double in the next few years as demand for EVs in all price ranges has pent up. ”
While Tesla’s Shanghai Gigafactory footprint is a « huge competitive advantage » according to Ives, BYD Company Limited (OTC: BYDDF) and Nio Inc (NYSE: NIO) can take advantage of the dramatically growing demand in 2021 and 2022, XPeng Inc (NYSE: XPEV) and Li Auto Inc (NASDAQ: LI).
Europe’s increased drive to reduce its carbon footprint alongside the European Union’s “regulatory catalysts” should focus consumers more on electric vehicles, particularly in France, Germany, Italy and the UK, the analyst said in a note. « Tesla’s Berlin plant has taken an important step in the right direction to increase margins and simplify logistics / delivery across Europe, » Ives wrote.
The Wedbush analyst also believes that a new Joe Biden administration could potentially increase tax credits and incentives for electric vehicles in the U.S. and encourage electric vehicle adoption domestically from next year, which would be positive for Tesla.
Price action: Tesla shares closed at 1. 9% lower at $ 489. 61 on Friday and won 0. 2% in the meeting after business hours.
Tesla, Inc. . , NASDAQ: TSLA, Wedbush Securities, stocks, NASDAQ, OTCMKTS: BYDDF, Daniel Ives
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Ref: https://finance.yahoo.com