Tesla (TSLA) - Get Report shares traded higher Thursday after receiving an upgrade from analysts at New Street Research, who also lifted their one-year price target on the electric vehicle maker to a Wall Street-high of $578.
In a note to clients, New Street Research analyst and longtime Tesla bull Pierre Ferragu upgraded his rating on Tesla to buy from neutral, saying the company has “a decade of hyper growth ahead” and has “no credible competition on the horizon.”
Tesla now addresses the entire premium electric car segment, with high-end and mid-end sedan and SUV models - an 8 million unit market globally, Ferragu wrote, adding that he expects Tesla to follow in Amazon.com’s (AMZN) - Get Report footsteps, which “has traded in the 50x-100x earnings range for over a decade.”
Tesla last week said it delivered a record 139,300 vehicles in the third quarter, topping analysts’ expectations of 136,000. More than 124,000 of those vehicle deliveries consisted of the Model 3 and Model Y.
The better-than-expected third-quarter figures offset what was widely panned as a non-event “Battery Day” reveal, in which Tesla failed to impress or deliver, among other things, a newer, cheaper, longer-range battery.
Tesla CEO Elon Musk did lay out plans to produce a lower-cost battery, build a $25,000 electric car and eventually produce 20 million vehicles a year, though not until 2023 – a revelation that sent the car and battery maker's stock price tumbling.
Since that time the stock has recovered, ending the trading day Wednesday up 2.73% at $425.30. The stock was up another 2.23% at $434.80 in premarket trading on Thursday.
Reprinted from yahoofinance, the copyright all reserved by the original author.
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