Wedbush raises Tesla (TSLA) price target on growing demand

Tesla stock market

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.

Even with more automakers releasing EVs in China and North America, Ives says Tesla is at the “top of the EV mountain” and will grow its market share.TSLA shares Jan 14 2021

Disclaimer: Darryn is long TSLA

h/t: Sawyer Merrit

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Founder and Editor-in-chief of Drive Tesla Canada | Darryn@DriveTeslaCanada.ca Have a Tesla tip? Email tips@driveteslacanada.ca, or DM us on Twitter @DriveTeslaca