Tesla could go even higher than our $4,000 price target, says fund manager (via ETFEdgeCNBC)
"It is our largest position ... and our conviction has increased in the last year or so," said Wood, who is founder, CEO and chief investment officer at Ark. "It's down about 29% this year. And it's always been our largest position this year, and yet our fund is up 28%."
"Last year, when genomics was under assault because of reimbursement concerns and pricing concerns and so forth, we were leaning into those [stocks] heavily," which helped offset Tesla's 2018 declines, Wood explained.-- which we think is one of the most important molecular diagnostic companies out there riding down the cost curve of DNA sequencing -- [is] up 125%, " she said. "It got as low as $5 last year. Today it's $18. So leaning into that has really paid off.
"Our bear case has it going to $700 and our bull case is $4,000, but now we think that's too low," she said, explaining that Ark's five-year time horizons for each case already assumed capital raises would occur. And if Tesla does indeed rally a whopping 1,500% to the $4,000 level, it'll be because analysts finally value the company properly, the CEO argued.
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