Tesla Bears are turning Bulls little by little and nobody is talking about it. Bernstein analyst Toni Sacconaghi raised the price target on Tesla to $730.00 (from $325.00) while maintaining a Market Perform rating according to Streetinsider, and Morgan Stanley analyst Adam Jonas just raised his to $1200 in a bullish scenario according to Bloomberg.
Morgan Stanley’s Adam Jonas increased his most optimistic projection for Tesla to $1,200 a share from $650. That’s about 50% above the U.S. company’s $800.03 closing price Friday and would give Tesla a market capitalization of $220 billion. Jonas raised his base case target to $500 a share from $360 but reiterated his underweight recommendation.
According to Bloomberg, the new bull scenario is based on an “aggressive assumption” that Tesla could win 30% of the global electric-vehicle market, Jonas wrote in a report to clients. This would include 4 million car deliveries by 2030 plus the potential for Tesla to supply powertrains, including batteries and electric motors, to other auto manufacturers. In 2019, the company handed over 367,500 vehicles to customers.
Tesla stock is presently trading at $793.00 -7.03 (-0.88%) pre-market. Tesla market cap was $145.079B as at Friday closing. Stock market was closed Monday in the U.S. due to Presidents Day.
