New Street Research analyst Pierre Ferragu has raised his price target for Tesla from $530 (which it has already passed) to $800 on Tuesday, continuing his long-term Tesla bull status.
Following the news, Tesla shares (TSLA) had a strong day Tuesday closing up more than 7% for the day at $547.20, and reaching a new all-time high at $554 in after-hours trading.
Ferragu has previously estimated that Tesla will sell between 2 and 3 million cars by 2025, and he is continuing to stick with that estimate in his latest update. If that bears out, Tesla’s market cap would be in the range of $230 to $350 billion, equivalent to about $1,200 to $2,000 per share (via Business Insider).
Ferragu also cited Tesla’s continued ability to execute on its plans, and with the introduction of the Model Y as soon as the end of the month, “the best is yet to come“, and that Tesla still has no real competition.
Ferragu isn’t the only Tesla analyst to raise their price target, as several others have done so recently. But with Tesla shares experiencing huge gains and more than doubling in the last 6 months, several of those targets have already been eclipsed.