As Tesla stock reaches new highs, Argus Research raises price target to $556

In the last 7 months, Tesla shares (TSLA) have rallied from a low of around $178 in May 2019 to a new all-time high of $471.63 during today’s trading. With that Falcon Heavy-like boost in share price, another analyst has raised their price target nearly $200.

TSLA shares Jan 7 2020

Piper Jaffray last month raised their price target to $423, which was quickly eclipsed by the automaker a few weeks later.

Now on the heels of the latest TSLA increase, Argus Research analyst Bill Selesky have raised their price target from $396 to $556 on Tuesday, according to a report from CNBC.

Selesky pinned one reason for the target increase on the strong 4th quarter delivery numbers where Tesla delivered a record 112,000 vehicles. He also noted the prospects of 2020 production as Gigafactory Shaghai ramps up with Chinese Model 3 deliveries starting today, and also the introduction of the Model Y later this year.

With the almost doubling of TSLA shares recently, the market cap of the California automaker is now approaching $90 billion, making them the most valuable automaker in the US.

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