Tesla shares (TSLA) passed the $1,000 mark for the first time yesterday, leapfrogging Toyota to become the most valuable automaker in the world.
Wall Street analysts try to use their knowledge of markets in an attempt to rate the stock (buy, hold, sell), but many (ok, most) don’t truly understand what Tesla is and how they are not just an automaker.
Case in point is Wedbush analyst Dan Ives, who until yesterday held a neutral rating on the electric car maker, with a price target of $800, and a best-case ‘bull’ scenario price target of $1,350.
On the same day Tesla shares broke the $1,000 barrier, Ives held his neutral rating on the stock, but upped his price target to $1,000. His bull case target is now $1,500.
In his note to investors, Ives said the stock “has room to run further”, and anticipates some big “game changing” announcements at the upcoming Battery Day event. We unfortunately still don’t know when this even will be held, after being postponed due to the coronavirus pandemic.
h/t [Market Watch]