Wedbush Securities analyst Daniel Ives has raised his price target for Tesla (TSLA) from $715 to $950, making it the highest target on Wall Street. He also increased his bull-case target from $1,000 to $1,250.
The increases comes after the analyst maintained his $715 price target just two weeks ago. In a note to investors on December 30, Ives said pent-up demand in China could help Tesla reach 1 million vehicle deliveries in 2022.
In an updated note on Thursday, Ives reiterated the delivery forecast adding the automaker could reach 5 million deliveries by 2025 if the global demand for EVs continues at its current rate.
“We believe overall that EVs, which make up 3% of global auto sales today, could reach 5% by the end of 2021 and 10% by 2025,” said Ives.
Disclaimer: Darryn is long TSLA
h/t: Sawyer Merrit