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.
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.
$TSLA is maintaining its upward trajectory and now has a market cap of $84 billion, only $1 billion off @VWGroup market cap. Just 7 months ago, it was at around $32 billion. Must have been the dance moves $TSLAQ pic.twitter.com/DfNGdcR9ms
— Tesla in Canada 🇨🇦 (@teslaincanada) January 7, 2020