The Best Tesla Stock Surges on $1,000 Price
Buckle up and get ready for Tesla (NASDAQ: TSLA) to keep rising! The leader of the electric car has just reached another record today thanks to a big analyst call. In fact, one analyst believes there is a case for Tesla shares to soon reach $ 1,000.
A black Tesla (TSLA) Model S is parked between rows of charging stations.
Source: Grisha Bruev / Shutterstock.com
So what is driving Tesla shares to new heights today? Well, Wedbush analyst Dan Ives updated his outlook on the EV company. Importantly, it increased its base case target from $ 500 to.560. With Tesla’s stock trading just over más 520, that still entails a tasty advantage. However, investors are more interested in their changes in the target of the bullish case.
Why? Ives also gave his target a 25% boost, taking it from $ 800 to.1,000.
No wonder investors are excited. The Wedbush analyst has bought into the recent hype around the company, and thinks there is a clear path to success. Importantly, he cited recent news that Tesla shares will join the S & P 500 in December. Its move also follows a recent record last week, driven by Morgan Stanley analyst Adam Jonas.
Many catalysts boost Tesla shares
One of the most important things for investors to understand about today’s news is that electric car stocks are very popular right now. Apparently every day, these actions reach new highs. With Tesla as the true disruptor of the industry and the leader of the group, it makes sense for analysts to continue to update their price targets and ratings on Tesla shares. This is especially true with estimates calling for huge growth in consumer adoption of electric vehicles.
But there are also Tesla-specific catalysts at play here. Beyond the upcoming inclusion in the S & P 500, the company has made several advances in vehicles and batteries in recent months. In addition, it continues to increase its plans for international expansion. Ives actually cited this expansion, saying that growth in the China market is key. In fact, he said China could account for up to 40% of the company’s total sales by 2022. This comes as Tesla increases its Gigafactory 3 in Shanghai.
For investors, this means that it is important to carefully monitor the expansion. As Tesla increases the Shanghai Gigafactory, it is also working on factories in Berlin and Texas to expand its footprint and increase capacity. In addition, these factories will eventually help you deliver the Cybertruck and a low-cost electric vehicle.
With Tesla shares hitting a new record on Monday, the future looks bright.