Tesla (NASDAQ: TSLA) recently received an optimistic bull case target of 1 from Wedbush. Receive $ 000 per share. Analyst Dan Ives discussed the potential of the electric car maker in Europe and China. EVs are likely to see a steeper adoption curve in the next 18 to 24 months, according to Ives, and Tesla, which is building a local presence in Europe and China, could capitalize on that momentum.
Ives chose to keep his « neutral » rating on TSLA stock, despite increasing his price target from $ 500 to $ 560 per share. As noted in a Benzinga report, Ives described China as a « greenfield opportunity » while noting that total EV sales in the region could potentially double over the next few years due to the pent-up demand for EV at all price ranges. ”
The Wedbush analyst noted that Tesla’s Gigafactory in Shanghai could offer a « major competitive advantage » in the country’s electric vehicle market. That being said, Ives also noted that it wasn’t just Tesla that was likely to see a boost in China. Other electric car makers like BYD, NIO and Xpeng would likely expect some momentum from the country’s growing EV market as well.
Aside from China, Ives also noted that Europe’s ongoing efforts to reduce carbon emissions should focus more consumers on electric vehicles. This would likely be remarkable in countries like France, Italy, Germany, and the UK. The demand for electric vehicles in these countries could very well be met by Tesla’s Gigafactory Berlin plant, which is expected to start production of the Made-in-Germany Model Y next year.
Tesla’s strategy for Europe has received approval from Wedbush analysts. « Tesla’s Berlin facility has taken an important step in the right direction to increase margins and simplify logistics / delivery across Europe, » said Ives.
The $ 1. Wedbush analyst’s 000 bull case for TSLA shares shows how far the electric automaker has gone since May 2019 when Tesla appeared to be in dire straits. At the time, Ives described Tesla as a company in a “code red” situation because it was struggling to meet its production goals. The analyst also heavily criticized Tesla and Elon Musk, stating that the company and its CEO appeared to be more focused on pursuing « science fiction projects » rather than improving its finances. Ives gave TSLA shares a target price of $ 230 per share at the time – before the split.
That being said, with five consecutive profitable quarters, Tesla definitely appears to have become a company far more impressive and stable than before.
Tesla, Inc. . , NASDAQ: TSLA, Stock, Wedbush Securities, NASDAQ, S&P 500 Index, Daniel Ives
World News – USA – Tesla (TSLA) Receives Wedbush Bull Case Target Of 1. 000 USD for China and Europe potential
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