Tesla analyst boosts price target by $100 as 2020 is 'year the bulls have been waiting for'
shares rose more than 1% Thursday, marking another day of gains after Daniel Ives of Wedbush boosted his price target to $370 from $270.
While Ives isn't completely sold on the turnaround story yet, he wrote that recent data points from Europe and China are positive and led him to raise his target price by $100. His target price is still roughly 13% lower than where Tesla shares closed Tuesday, and he reaffirmed his neutral rating on the stock.
The company could comfortably hit its vehicle delivery guidance of between 360,000 and 400,000 units for full year 2019, according to Ives. That's a year over year increase of 45% to 65%. If Tesla can sustain its current level of profitability and demand, the stock"will open up a new chapter of growth and multiple expansion," Ives wrote.
He continued, saying that 2020 is a pivotal year for the company"as ultimately this will be the year the bulls have been waiting for with China coming on board and Musk's grand EV vision starts to take hold......or hits another stumble and the bears will come quickly out of hibernation mode heading into next year with the stock at new highs."
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